Ann: Notice of General Meeting/Proxy Form, page-24

I would suggest its because they won't be able to do it at 20c and they need more than 23.849m * x cents a share. And I might suggest that they would look to reload again at the AGM.

Its pretty clear from the June cashflow report that they are burning cash at a terrific rate so if we want them to keep drilling and looking then we should all be happy that they are and that they are looking at ways to fund it.

The only real bummer is that 1. They haven't found anything really good yet and 2. The gold plant financing is clearly still a ways off yet.