Well we knew this was coming. $1,2 mil cash not enough for a top...

Well we knew this was coming. $1,2 mil cash not enough for a top class acquisition, so this placement secures our future and locks in the intention and capacity of this shell to aquire a meaningful new project.

My thoughts are that the recent share price action forced their hand to do the placement sooner than they had intended? Why would they not have raised the full amount in early December otherwise? I think MW and the inner circle are protecting their cheap entry. Would have been difficult to defend a placement at just 0.04 in a week or two given recent share price and VWAP possibly around 7c .

History has shown though, that MW and Cicero inner circle don't buy these shells to sell for a few cents profit. They hold tight and are looking for multi-bag profits and an excellent acquisition.
Don't expect any loose shares to come on market - none have done so after the 30m placement 6 weeks ago!