Ann: Bankable Feasibility Study Activity Slowed, page-463

So your scenario (1) they take a 75% hit on their share price (40 down to 10) , huge hit in reputation and confidence in management, so they can raise lower? at likely a discount to this current price, thats your scenario if they are doing this on purpose.

Or (scnerio 2) they could of done a raise at a 20% discount to market price (32 cents), to market, got a lot of support, less dilution, kept their reputation, and still got institutional support.

Why on earth would they pick scenario 1 here?

Thinking out these theories even just for a couple of minutes logically helps, theres no way this was planned. Doesnt make any sense for any party, simple game theory matrix there is no winner in your scenario, just wishful holder thinking.

Its just plain and simply bad management.