There is no requirement but a maximum 25% discount is allowed, when the share price is less than .50. The agreement was probably in place beforehand to allow the maximum discount to the brokers, and the brokers took full advantage of it to nail the closing price down below .50 to get it. So it wouldn't have taken long to get the NR out as it seems the agreement was already in place.

If the SP was above .50, the max allowable discount is 20%. While the rules refer to private placements, it is understood the same can apply to public offerings.

http://www.alixecormick.com/discount-pricing-of-private-placement-securities/

IIROC and the OSC are complete jokes. Management are the bigger jokers to allow this manipulation to take place.