H00ts this copied from 8horse earlier post
"AVZ is raising up to $15m.
If 5 day VWAP just before the issue date were: 5c, new shares would be: $15m / (5c * 80%) =375m shares @ 4c/share.
If VWAP: 4.5c, new shares would be: $15m / (4.5c * 80%) = 416m shares @ 3.6c/share.
If VWAP: 4c, new shares would be: $15m / (4c * 80%) = 468m shares @ 3.2c/share.
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VWAP - Tip comp !, page-87
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