The latest presentation said the 2020 spend at Mawson was going to be 4m for exploration and they have 11.9m in the bank. It also says they have doubled the planned expenditure to 8m for 2020. So really they don't need capital at all.
They could have easily finished shoring up this resource before needing to even think about raising capital. The only reason to raise capital now is they are seriously concerned that Mawson is not going to be a significant deposit and they want cash to explore elsewhere. Unless IGO or someone else is buying another chunk this is very very fishy.
The latest presentation said the 2020 spend at Mawson was going...
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