CR's are an essential part of an exploration company's business...

CR's are an essential part of an exploration company's business - need cash for drilling! It's a pain short term for good companies true but better to raise cash when sp is strong than when you are on your knees and get diluted to the shithouse. Frankly in the case of CAI I'd prefer to see a capital raise at ever increasing shareprice that they take on some cowboy level of debt with a rapacious banker keen for a "take-over by adminstration" Eg (ex) DCN or RVR.
Finally, if you prefer not to be exposed to capital raises, go for producer companies with strong cashflows and stay away from the small caps.