Ann: A$10m SPP Closes Substantially Oversubscribed, page-9

I particularly enjoyed this part and happy the shares/options are not going to those who would flip them for a quick buck:

"In addition to the allocation policy outlined above, the Board has determined to apply a lesser allocation percentage to certain applications, or to exclude certain applications, where:
• Applications received from eligible shareholders who sold all or the majority of their shares between the record date and the SPP Closing Date and
• The applicant held 850 or less shares as at the closing date of the SPP offer."

Can't say I'm disappointed with the scale back (who doesn't enjoy free money) and I had anticipated them accepting some overs, but it says to me they are confident they have the funds to become cash positive. Hopefully some good news brewing with a US funding package.

Even if they fall short for whatever reason, there is no point raising and diluting at 7.5c if you can potentially raise far above that in the near future.