Ann: Additional $10M Strategic Investment and Abra Update, page-27

think you have this totally upside down mate

think about this

the SP doubles (goes to 80c) the options (1.25m @ 50c and 1.25m @ 60c) are worth 250k + 375k = $625k profit to Kingfisher

Kingfisher has to cut a cheque to G1A to exercise said options totalling $1.125m

Galena issues them 2.5m shares....fine

If they had placed $10m at a 15% discount to prevailing SP (say 32c is circa 15% discount to 37c) is 31,25m shares for $10m

They actually placed 25m shares (25 x 0.40 is $10m) ......6.25m LESS shares

But you need to add back the shares issued for the options which gives a difference of 3.75m LESS shares for the sake of those options...!

So at 80c those "extra" 3.75m shares would've been worth $3m under a discounted placement scenario.

under this deal we are issuing 3.75m shares less, getting a cheque for $1.1225m and Kingfisher are making $625k.

So you are right its not a "good" deal for shareholders......

its an "unbelievable" deal for shareholders!

I hope my maths stacks up!