"80% discount to vwap is a huge discount for a company with...

"80% discount to vwap is a huge discount for a company with supposedly so much upside and imminent cashflow, and smacks of financial desperation"

Asteroider, I think you have misread the announcement.

It states: "70m ordinary fully paid shares in the capital of the company at an issue price of NOT LESS THAN 80% of the average market price of the company's shares"

.......... which means the discount will be within 0 to 20% of vwap. Pretty standard procedure and hardly "smacks of financial desperation".