It's a bail out boobThey would have to isssue only half as many if they'd have done the deal at 12 cents a share. Do you know who the PP buyers are? My bet is that they are people who have already invested serious coin in this POS and have no other choice. By not investing in PLE they essentially would be flushing the millions of shares they do have down the toilet. I've seen this so many times before. Without this money PLE ceases to exist as a company as per exchange rules.
If someone thought there was something BIG around the corner PLE would be able to sell shares at a premium Selling shares at a 50% discount of what the company is trading at is a bail out plan orchestrated by creditors. If this were a bond it would be below junk status with a 50% coupon rate. The creditors do not believe the Malin Plant will raise significant cash for the same reasons I've given previously....there is a problem with the supply of feed.
I already am an avid bird watcher. My favorite is the boobie.