This is partly true, but that fact that the raise is allegedly...

This is partly true, but that fact that the raise is allegedly being done at a 23.5% discount to 15-day VWAP and throwing in free 1-for-1 oppies suggests that there was very little demand for the placement, hence the incentives. Perhaps this time will be different, but like @Seboss said, I usually see people dumping heads as quickly as possible to retain the oppies as free upside. If the strike price is only 65c and expiring in 2029 that's pretty ordinary too, the sort of stuff you'd expect to see from an AZL or LKE etc... maybe that's just where the market is right now.

I don't usually go for conspiracy theories but if they do manage to get the Glencore funding locked away and announced shortly, then it's going to look pretty stinky that they issued themselves $1.5M at 46c as well as throwing 35.8M free oppies out into the ether to cap future upside. Overall what I'd say is that they charged ahead on the development too fast and too early. Getting down to just $6M is irresponsible. They're custodians of shareholder capital, remember - not just the share price.