It seems a bit strange that they have sorted out a placement and...

It seems a bit strange that they have sorted out a placement and we (on HC) now know its at 3.8c (if you are correct) but it hasn't been formally announced?

If it is at 3.5c, I also expect the SP to drift back to that or below, pending further news.

This is a very difficult Co. to understand. The number of "milestone" shares issued/to be issued/ attached options etc.

I wouldn't touch it at this point until there is at least some vague understanding of what it will look like (no. of shares and cash raised/still to be raised).