Ann: Tennant Completes Successful $5M Capital Raising, page-25

As much as anything its the type of the placees IMO.
IF you give cheap stock to investors just wanting to make 10% thereabouts on a quick investment then you run the risk of a dump.
If you're able to place stock to more genuine investors who can see past the next week's share price then you've got a better chance of building a better, longer term shareholder base IMO.
The next week's (or 2) share price movement however shouldn't define TMS into the furure - that can only result from the drilling results from hereon.