$?Bill in a ? Life mine, page-349

Not disputing the first 2 points there Big K, however, consider what may happen if the company did a CR to sophs (which would be at a discount to VWAP) and raised money to pay Murray's drilling company in cash?

The sophs typically look to realise the gain on the discount they received to the VWAP shortly after the CR closes and they dump on market which negatively impacts the SP.

Whereas, paying Murray's drilling company in shares (has the same net effect on company dilution as doing a CR to pay him in cash) where those shares land in safe hands that are going to hold for the long run as the company builds.