Put very simply, here's the main ones (there are others):
Pros: PAA gets money to do stuff (in this case, hopefully next round of trials to shore up MPL success), long term dollars if successful
Cons: Dilution (your share of the PAA pie is smaller because they issue new shares), SP decline (if a raise is done at less than current SP).
If a raise is done at 20c or above, I'd be OK with that. Anything less than that, and/or without offering to current SH as well - I'd be less OK.
time will tell.
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