interestingly, just last friday transerv annou, page-11

So up is down and left is right now
...if they had managed their cash properly and waited until drilling had started we would be at 2.5-3 cents or probably higher. Then they could sell at a 10-15% discount at around 2.1-2.55 cents instead of probably 1.5 cents. That discount is around what is normally used to raise cash successfully, especially for what will be a relatively small capital raising (I hope). They could have done it in less of a rush, and if institutional investors were not interested I would be happy to take up the offer. Rather we will probably have a momentum crushing raising just when things were looking up.
I am not sure why some here are so keen to leap to management's defence here, and talk about providing attractive buying opportunities to institutional investors. I always thought hotcopper was about discussing stocks from the small shareholders and traders' perspective.