As far as why they didn't raise when the SP was at 35c, the fact...

As far as why they didn't raise when the SP was at 35c, the fact is that companies like BRN can not dictate the price they raise at, the market does that.

If they could have raised at a higher price 3 months ago they would have. Somewhat like longs on these forums, the boards of start ups like this tend to over value the company so when they were at 25c they would have thought 15c was way too cheap. It is only when this mirage wears off and they become somewhat desperate do they then start to see sense and all of a sudden 15c looks pretty good to them.

My point being that the investors set the raise prices and not management. They can just choose to accept it or not and as history will show us, eventually everything regresses prices that somewhat resemble fair value (in the investor's eyes).