I understand how difficult it is for GCR to raise capital, but I...

I understand how difficult it is for GCR to raise capital, but I think they should pull their cap raise, in light of IPT having some success at Mulga. The fact that so many shares could be issued is capping the SP, as if traders bid it up to say 1c, then the SP will be sold back down to .5c or so anyway.

Better if they cancel, and offer a placement to "anybody" - so that holders know that money will be in the bank, and throw in a "free" option at (say) 1c, and maybe on announcing the placement, have an entitlement offer of 1 for 5 or something like that - not too dilutive, with the free option (the lower the option price the faster they might get cash from them), and with the ex entitlement offer in the future, so that bidders might want to get the stock and the right to the extra share and option in the future.

They'll get less money now, but have a better chance of getting reasonable cash. They need to take advantage of the Mulga Tank success right now!!!

I might be wrong as the 0.5s sellers have just been taken out. However with current circumstances IMO the CR is poorly constructed.