I completely agree with you on this.
Dilution isn't bad, as long as it is for a good cause, like purchasing an income generating asset, rather than raising for survival.
To add some numbers to this, yes, if we effectively doubling the shares on offer, everyone's shares will be worth 50% post CR. But if what the report says comes through, we're buying a $300m plant that will generate income for years to come, and we can re-rate to a $300MC company (report says more than). Even after dilution, the SP will be more than double of what it is now.
As others have already mentioned before, maybe the company had already had investors lock in an amount prior to the signing of the contract with Barrick which reassures them that we will have enough money to buy it. This deal would have been brewing for a long while now, it's been 6 months+ since management said they will focus on extracting value from gold.
IMO, if they had another better choice to this, they would have tried and explored it, since the BOD have a lot of skin in the game, if they could avoid dilution, they would have. Maybe due to the timeframes and current economical climate, there was no other options. We are in a global pandemic where companies are going out of business left, right and centre, jobs are loss, and here we are raising $50m+ successfully (I assume) - just put that into perspective.
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