Because for VEN it was not an option. They had a covenant...

Because for VEN it was not an option. They had a covenant requiring $1.5m cash on hand, so needed to raise at least that much plus working capital. They also clearly want to protect the company from KBC and diluting KBC through an equity raise is an easy way of doing that. Just because they're in the same project doesn't mean they need to sing from the same sheet. MEL management have only ever raised when necessary and only ever raised as little as possible to achieve a goal. O2 success sees them perpetually cashflow positive...so why dilute at this stage unless you have to? VEN were not in that position due to their overheads.

I will leave it there, but I hope you understand at this point...time may show me to be incorrect but I know what I'd be doing if running the company.