Ann: Successful $100m Institutional Placement, page-5

No one knows other than the management and no one would. We can all just speculate based on past experiences in other stocks.
I am thinking two reasons.
1. Management wanted the CR out of the way before the big announcements starts pouring in such as MRE2 for Gonnaville, Core visuals from Hartog and the scoping study. Now few people would say why not wait for those announcements and raise at a higher price. Those people are delusional. Smart money knows this and they would have sold off on all those announcements if there was a looming CR. Yep That’s why it’s better to get it out of the way.
2. Money is harder and harder to get in the current macro environment and it will only get harder from here for atleast another 12 months. It’s wiser to fill the kitty now and take this project to PFS stage.