Ann: West Wits Completes $1.4M Placement, page-17

Well I'd contest your challenge.

$1.4M is a rather palty amount.
At the current cash burn - ie. Limping along with zero exploration or other company making progress being made - that is only around 6 months of capital.

If the reasons listed for the raise are honestly going to happen, it's surely far far less than 6 months of lights on.

Is it a small raise before the loans come through or is
it simply the extent of what their entire supporter base was willing to come up with?

I have little doubt that you'll find this raise isn't used for it's stated purposes, that the cash is used to keep the office lights on, to fund the BODs trips to mining conferences etc, pay their salaries and top up the director related entity cookie jar.