Ann: $30 million placement to rapidly advance Wolfsberg Lithium, page-7

This is because it is significantly more difficult and costly to raise through existing holders than it is to go to a soph or two to get the funds. Always better to raise through sophs than existing investors. Yeah it can suck for us, but it can also be an opportunity, depending which way the SP moves. Often post the raise, the SP drops lower than the raise price so existing holders actually benefit had they wanted to participate (i.e. take the money you would have used and buy lower than the raise). If it rises instead you benefit from your existing shares getting a bump.