Welcome to the world of a junior explorer.
As long as they prove up 5 or more times the value they end up drilling into the ground then there is nothing wrong with a capital raise (assuming the terms are not amazingly unreasonable).
IMO the 1M+ ounces they have already proven up is worth well above $100M, especially at gold above $1,550 and rising. To me it is still like buying $1 for 8c. 15% dilution is nothing when the potential gain is a 15 bagger or more.
Nevertheless, say what you will.
Ann: Trading Halt, page-8
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