I wonder if management is really that stupid to believe they can...

I wonder if management is really that stupid to believe they can raise $46,000,000 in the current market conditions, or if there is a more malicious plan behind their actions.

Hear me out: If the capital raising fails and they run out of cash to fulfill their commitments, they may opt to sell the tenements to a private, non-listed buyer for a certain amount of money, without you really knowing how the deal is structured to benefit current management. The private buyer will eventually resell or list the company on another exchange and raise a good amount of capital when market conditions are favorable.

Yes, current shareholders of $XTC could be brutally wiped out.