and the game goes on!

Following is my interpretation of the placement.

ADX runs on the smell of an oily rag.
Number one priority is to keep the bank balance in the black to pay wages. Job security is paramount.
So they had worked out that selling down Chorbane would keep the game going. But the last 15% fell over.
So the capital raising.
But the deal at 1.7 cents looks good but for the ongoing dilution. But who cares about that.
So how do you sell a pup at an attractive price? Hmmmmm???

The institution is either stupid or has been led to believe that there will be some positive spin coming in the next 3 months.
Well done ADX. That's one of the corporate deals I expect from you. You can do it if you try.

Possibly this deal will return to bight you.

The delemma! To do a CR when you have positive news forthcoming. Not what I call ethical and in shareholders interest.
Correct way is to produce the news and CR at a higher price.
But I do not know your current cash and financial commitments. Maybe the quarterly in 2 weeks will shed some light???
Or just maybe the institution is another dummy.
Time will tell.

Lets hope you have a JV partner for offshore Tunisia or the seimic on Romania is positive and drill targets and time is set. Or both come together.
My thoughts only.