Alternatively, if things are looking up, why not wait and issue...

Alternatively, if things are looking up, why not wait and issue later. Its not exactly a life saving amount of cash. By choosing to sell yet more stock at only 10c, they have cast a little doubt over the bull story for the moment unfortunately. The SH support was strong as you state but in return get a kick in the teeth. For taking the risk on the placement and now striking oil, shareholders are up only 10%. To what end, I'm not sure.