I also note the announcement says directors will participate in...

I also note the announcement says directors will participate in full or in part. Note the "in part".

i also note, the raise is also being used to repay the mintech convertible note.

in my view the announcement is poorly written.

i would expect to see:
1) costs associated with the cap raise. This is not stated.
2) amount to be paid on mintech convertible note
3) amount budgeted for mining lease application, I doubt that would count for a significant portion of the funds from the cap raise
4) amount budgeted for working capital and how long that amount is expected to allow operations to continue

and finally, it tells me that they can't get money any other way. And they have debts to be paid.

all imho