I disagree. This is not the time for a big raising for 4...

I disagree. This is not the time for a big raising for 4 reasons:

1) $40m spend to date and no real evidence they know what they are doing: eg the recent statement that their understanding of the structural control has changed!
2) not being forthright when artisanal activity spread on the lease years ago.
3) no management changes despite the above.
4) Lots of cash means no incentive to change their approach. They may just keep on on swanning around from hotel to hotel for conference after conference and flying to the IC business class for photo ops.

They should do a small raise and prove that they can now deliver a result and then come back for a larger amount which they will then have no problem getting.