If the mandate was to promote the company and put new investors...

If the mandate was to promote the company and put new investors into SP3 they haven't done that so far. A big fail from PAC I would say. Let's see what the quarterly figures are and whether they actually need to raise. I didn't think it was that urgent tbh.

Is it not too much to expect PAC to promote this amongst the PAC network, get SP3 to a reasonable price at circa 40c ($20M valuation) and THEN do a cap raise? Then run the thing to $1 and beyond. $45M market cap is not unreasonable given the growth prospects and current revenues.

PAC wins on the cap raising and on the options package. Shareholders win also and we have the cash to really grow the company more quickly. 

I'm actually of the opinion that SP3 management has done a good job in growing the revenues and I expected PAC to do at least something by now on the corporate side of things. That's why SP3 engaged them. I mean seriously if PAC can support a company like TTT, get instos like Bennelong involved and run it to a $350M valuation on next to zero revenues (and very little hope of ever achieving substantial revenues IMO), why the hell can't they find any buying for SP3 on a market cap of $8M? Maybe they're too busy trying to find buyers for FIJ? They IPO'd that on a $14M valuation.