The SPP has closed oversubscribed ($1.34m Vs $1.0m) and the board has decided to allow for that oversubscription rather than scale back, which is good.

However, they only needed 34 shareholders taking up the maximum $30k for the SPP to be fully subscribed, so while I welcome the fact AVA got the cash they need, it's not a massive vote of confidence. It also helped that trade in shares bottomed at the $0.13 price (only a few trades below this), they would have struggled if the share price fell below it for even a few days while the SPP was open.

Conclusion - ok support at $0.13, company has a little more cash than they say they need and now the market can get back to thinking about the real value of the company rather than anchor on the SPP price.

Disc: I own RL+SM