Ann: Eagle Raises $5M Initiates Share Purchase Plan Offer, page-27

The smaller raise imo is relative to the expected expenditure over the next 6 to 9 months.

As drilling moves to underground the cost of this is reduced dramatically as holes are shorter in length and.costs way less.

Ongoing feasibility and metallurgical costs would be known and forcasted in.

In 6 to 9months I'd expect drilling at orex well underway and a clearer picture of the feasibility of an actual mine.

With these items sorted I'd expect a share price somewhat higher than we are today so less shares issued for the capital required. That's if EM2 hasn't been bought out or JVd with a major.

Cheers

My rambling thoughts.