I am just quoting what the announcement says and that is that...

I am just quoting what the announcement says and that is that "the shares will be the priced at the lower of the institutional placement price of $3.00per share or a 5% discount to the 5 day market VWAP leading up to the close of the SPP".
I take that to mean that they will average the closing share price over the last 5 days up until the 15th of April ( the closing date of the SPP ) and then the price will be 5% less than that average.
If the average is $2.50 then with a 5% discount it should be about $2.37 per share.
If you send in for your full entitlement of $5,000 then they divide the 5 grand by $2.37 and you will then be the proud owner of another 2,109 shares.
If the SP goes up to $5 in the lead-up to the close of the SPP then you still only pay $3 so the 5 grand gets divided by 3 and you end up with 1,666 shares.
I suppose what you need to hope for is that the price crashes before the 15th April and when you have your allocation at the low average price ( less 5% ) it then does a phoenix recovery to $6.
Go 4 it, these shares will be worth a fortune in 18 months time.

Kind regards

Lockitt

Warning-- even I do not listen to my advice.