Had they raised only half what they thought they'd need, hoping...

Had they raised only half what they thought they'd need, hoping to do the rest later then there would presumably be uncertainty about a follow up CR priced in moving forward. Had capital markets been in a worse state it may have been harder to raise later, looks like they have taken the bird in the hand.

Had they waited and used Canaccord then it would have been a rinse and repeat process, ie Canaccord or clients of Canaccord sell down before private placement at discount. While current SH have paid a significant 'Canaccord Tax' by discount/dilution, the CR removes funding risk from the business and buys 18 months of operations (at current cash burn) in which to get things going.

I wouldn't be surprised to see the SP reflate a little in coming weeks to reflect this.