Ann: Placement to raise $1 million, page-32

Probably the lesser of two evils. The other is farming out more of Xanadu to cover further drilling costs. If you look at it this way, the latest CR is a good sign of what they think they have. i.e. they refuse to give it away cheaply to another company.
Unfortunately, NWE have gotten themselves in a pickle just trying to stay alive. If not for Xanadu they might have been out of business by end of FY. So that's another thing to keep in mind for those getting too down about the latest CR.