Ann: $2.8M Placement to Advance Lulo Kimberlite Exploration, page-14

The timing of the CR is wrong. Why did the Board not raise Shareholder interest by first announcing the discovery of a diamondiferous kimberlite through preliminary sampling of the select 7 sites, or announce an increase in the % holding for primary source mining. I would have been very comfortable watching and waiting while the preliminary results rolled out.
I fear the SP will linger around 11 cents or lower for some time, until such time as something REAL is announced.
I will participate in the share offer, however I feel miffed shareholders are being asked to dip into their pockets without evidence of positive results. I understand there is no certainty of the jackpot when it comes to diamond exploration, but the Board could have at least undertaken some homework before asking for a CR. Had they provided REAL results, the SP could well have gone through the roof AND Long term Shareholders could have benefited from a lower CR buy-in. It will now be a bun fight for the cheapest shares.