Ann: $37 Million Placement, page-14

I'm a LT holder and there is no way they could have done a CR with existing shareholders because it takes a lot of time, it needs all kinds of clearances an auditor's report, a prospectus stuff like that.

It would take several months at least and no guarantee existing shareholders would have that amount of cash, resulting in a shortfall, then go to sophisticated investors, and we need to move on this fast.
While I don't like this aspect particularly, it's a fact of doing business in the exploration field.

Simply put, we need to put fuel in the tank so we can drive to pick up the gold nickel.