Ann: $15m raised to fund Well Test & Cabora Bassa Operations, page-23

I've got to say these capital raising are really beginning to eat into the upside on this one.
After the good drillingresults, were they not able to raise at 15 cents, considering the generous 1:2 options being offered?
Not only that, we've now got another huge chunk of 20 cent options hitting the market. In theory, these could provide funding once the share price exceeds, say, 30 cents and people convert. But with the ridiculously long expiry day, people will just trade them, and by 2026, the company will have either succeeded in proving the assets (and not need the funding) or will be languishing below 10 cents.
I am starting to get concerned that while the assets are exciting, incompetence on the PR and capital-raising side of things will dilute much of the upside.
I feel like SM and the company are really being led by the nose by the financiers. It seems a group of sophisticated investors knew this CR was coming and sold on the sidetrack results; now they are back at the trough, being rewarded for their opportunistic trading behaviour. The company really need to lift their game in this area.
Having said all that, it would be good to have the 'financing question' no longer hanging over our heads.