Ann: High Grade Gold Intercepts at Final RC Holes at Emu Deposit, page-12

They got offers for $5 mill and took $2.87 million. Have a look at the last general meeting announcement.

Their current cash position is fine for the work that is still to be done and will get them well past the resource estimate due in August when hopefully the SP will be much higher for any new raises. I don't mind raises if the money is well spent and the project a good one. I don't think anyone could accuse ARS of being spendthrifts.