[Held IRL]

Details are now public. 13c per new share; $3M institutional placement, max $1M non underwritten SPP (up to $30k per holder subject to scaling back to hit $1M max). ~10% dilution if SPP is taken up in full.

I took a small starter position at 12.5c after the release of FY22 full year results and have been pretty impressed with how they're travelling. They're expecting to be EBITDA positive by the middle of this year and other fundamental metrics look pretty good to me.

Other action in this space also suggests industry expectations are positive more broadly e.g. Woolworths taking a significant stake in PETstock last year.

At this stage, I intend to participate in the raise and think the market price reaction post cap raise announcement is back to a pretty attractive entry point for the more risk tolerant among us.