I think management is performing such a huge raise partly to...

I think management is performing such a huge raise partly to fend off KBC, basically diluting everybody to oblivion. KBC is probably right to be pissed off. I suspect they have approached management with financing offer previously, hence the request to disclose other financing options.

I am curious how TOV will rule. I highly doubt they will want to rule anything in favour of KBC. I mean, what is excessive raising really? I've seen companies raising more than their own market cap. The existing mechanism to deal with it is through shareholder vote and/or 249D, so I feel like the case for TOV to take action is quite weak.

Another consideration is the gas contracts. If the wells continue to perform below expectation, those contracts will quickly become liabilities. I suspect those two Valis are becoming write-offs. I just bought a fairly huge chunk for 1.9c, sigh, just my luck...