Galaxy Resources dilution or not?, page-133

AC,
I'm a big fan of your work!!!
Your insight and depth of knowledge is second to none, and I appreciate the time and effort you take to put your thoughts down for all us to share.
With that said, can I ask your thoughts on one thing (in relation to the capital raising)?
Do you think AT was simply being opportunistic in raising extra equity ($54m only) in this environment to:
"Strengthen the balance sheet and provide funding flexibility to accelerate the development of the Sal de Vida and James Bay projects; and
General working capital purposes." (direct extract from broker offer document).
Or, do you think the company needed the funds to retain 100% of SDV because they couldn't reach agreement with potential parties/ partners??
The reason I ask is that I am curious as to why we only raised $54m and risk the upward price momentum over the past few months. Seems like AT thought it might be a good idea because the share price was a bit "fuller" than it should have been so they decided to take advantage of that market anomaly??
I'd appreciate your thoughts.
Cheers