Looks really bad how so? It is a good thing and would prefer they raise they offer the raise to instos and not dumb retail investors.
There was mention in a previous announcement that due to the new multiple deposits found that they would no doubt need to expand the drilling campaign to convert the resources to Measured and indicated category.
The new discovery & The Ridge, Mclaren & Mcintyre requires further extensions drills on the high/bonaza grade hits and infill drills and from the overall area coverage, this deposit is fairly large and alone could warrant the recommissioning of the mill.
From the last quarterly, we had enough cash to last well into the next few quarters, so my guess is that they either want to get a second drilling rig on site to accelerate the exploration.
The raise will probably be at a 15% discount on the 10-30day VWAP. Hopefully it will be a significant raise well over $5-7 Mil.
Why are so many people worried about CR's? it is part of the parcel of investing in an exploration company! particularly long term as they generate no revenue....
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