Op, Don't disagree with you but you reminded me of a few...

Op, Don't disagree with you but you reminded me of a few comments I jotted down years ago from a minnow exploration CEO's that I like to refer back to:

When an explorer:
1. plan for bad days
2. things won't always get better
3. pregnant and cash strapped is neither good for a teenage girl or for miners, so plan your CR's well in advance; and
4. have a basket of eggs (ie always have multiple projects in prep for bad times as all found resources do not get developed)

Now the most pertinent for us is number 3 right now.
You never want the bank balance to get too low or any shock to the market or sp then makes you desperate and very exposed.
I agree its not great raising with the sp at these levels but i assume it was always planned, the big factor out of the companies control is the markets rating of AZM's MC and future prospects. The whole exploration end of the market is in the toilet at present. In days past our credentials (with Ibaera's) recent finds would have us at multiples. Right now no one wants to risk investing in the speculative end.

So while I'm not happy, as my $'s have been tied up here for many years past I expected also, i still see this project getting up and becoming a mine one day. So CR's are necessary when there is no other revenue coming in.