Small shareholder here and I've been happy with progress in the business and by management to date from what I can see - although a bit more transparency on revenue and production would be good. But this capital raise is a big fail by the Board and Management looking from the outside. The QIC loan was good until a week ago. Surely management had time to assess prior to entering the deal and to review it regularly? I'm no expert but looks like they couldn't meet conditions precedent and with capital needed in a hurry to finance some big plans, the only option was to go to equity markets in a hurry and take an absolute bath - except of course those who participated and receive options. In my books, capital management is as important as operational management and this seems like a major balls up. Shareholders take a hit but what are consequences for the Board and Management...likely none. Ahhh investing in micro-caps it's fun isn't it!
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