Ann: Share Purchase Plan Offer Booklet, page-3

"Hmm, can currently buy on market for cheaper.
Until they tell us why they need the $5m it'll probably stay that way"

Probably because whenever a placement is made everyone complains that the shareholders are not being offered like terms (or near like terms in this case). Right now TNG is as well placed as it has been for years with a Mining Licence almost guaranteed. This mornings "Director" announcement has thrown a spanner in the works - but there is no guarantee it is all that bad.