Ann: Trading Halt, page-17

Whilst it would have been great to get an blockbuster drill result prior there are a couple of things that i noted in the annual report.

1. Allan Richie has about 10m shares via RAAR, has bought 2.5m odd in past year to get to that no.
2. Peter Proska still on register with 8.5m shares.
3. Directors are invested heavily with shares.

Scenario 1 : Raising now instead of end of drill campaign to ensure cash is received, hedging against a result that isnt blockbuster and needs more $ and time to get that key hit.
Scenario 2 : New directors on board and instos want in at a current lower price before it takes off and know if they buy on market it'll push it a lot higher. This gets cash and facilitates their shares without that occuring.
Scenario 3 : Some mix of the above.

Either way with so many people at ADD with large holdings their desire for dilution will be minimal and their motivation for success remains high imo which is why i like companies with big insider holdings. Nothing is a guarantee but it does tip the odds imo.