2.7m in the bank.. no drill ..why raise?

something strange going on here...

Directors state that they had approx $2.7M as at June 30 2012.. no drills will hit the ground until September and that is just one rig at paskerville...

that rig will continue on to Eyre Peninsula.. Rover can't be drilled until dry season next year..

Unless they are planning a mad dash to tennant creek with two drill rigs for the last of the 2012 dry season - up to mid November - why else would they need $1.75M now? it just doesn't make sense..

Absolutely no mention of Rover 1.. something going on.. directors will not comment on Rover 1 either, when questioned.. this has never happenned before...

I am going to ask directors why they are coming to retail holders for money and not the instos.. in some ways i would be happy for 20% dilution if they could get some insto money on board..

anyone out there care to comment on their position re placement.. i am already holding 350k and am considering another 111k for a paltry $5k..

i just wonder how much directors really consider their retail holders when holding the cap out like this..