Another thing that puzzled me was this new proposed raise. They...

Another thing that puzzled me was this new proposed raise. They raised $700k in Oct to add to the $500k plus held at end of September. No drilling, had confirmed plans to not do anything, and wages were going to be slashed. How'd they burn through a chunk of that $1.2m in 2 mths without being active

Normally you announce a cap raise with a new acquisition so it might be at a higher price, or at the very least provide incentive to take it up.

No incentives here, and being fully underwritten which would have likely handed significant control to the underwriter.