I don’t know why they didn’t raise the full $30M at the last...

I don’t know why they didn’t raise the full $30M at the last raise instead of only $17M.
Not enough interest from sophs and instos? Surely not as they are expecting more money from them 6 months later. Maybe too big for market to digest in one bite?
Why didn’t they ask for $60M back in May? Could have raised it all at 16.5c and got it over and done with.
I understand the need for more investor funds to cover the non-plant capex costs such as financing costs, bank fees, debt service cover and contingencies etc as announced, but all of this $30M raise is directed and will be credited against the plant build along with $10M from the previous raise.
I'm ‘hoping’ this will be the last raise to the sophs and instos and that the resolution for the additional 10% resolution + 15% will be used for SMS’s final US$11M placement and that money will be used to cover most the other non plant costs.
Given the construction timeline, we will have to start drawing on the loans by no later mid 2019 as I'm assuming 'STAGE2' will be complete around that time.
If a further raise is required to cover plant commissioning and startup etc then let that happen early in 2020 and give the market time to breath, get excited about progress and the SP a chance to appreciate and truly reflect where we are at.