SPP, page-7

Do not see too much in the $1m announcement. For all these new shares to be able to trade, the company had to issue a cleansing statement guaranteeing that any annouceable disclosure had been announced. This is probably what happened there on Tuesday before the cleansing statement on Wednesday.
Also do not see the SPP to much as an exercice to raise maximum amounts of money, but more as a way to allow existing shareholders to top up their investment at a discount price equal to new incoming shateholders.
If they cut back to stay within the $500k, everyone will probably be cut proportionally to their request.