view from the top

If one sat on the Board of Directors what would you see that is not immediately obvious to other shareholders! Of course, public companies abide by disclosure rules for the protection of shareholders. Nonetheless there could be any number of commercial-in-confidence negotiations underway - things in the pipeline which by necessity are kept under wraps until a deal is done or negotiations simply collapse.

Raising capital can be akin to the tide going out - you can suddenly see who is swimming naked. That's why the participation of directors in capital raisings is so important to retail shareholders. Based upon the view from the top, are the directors prepared to back the company in an inherently risky sector.

Raising $10m - fully underwritten - at this stage of the game speaks volumes.