All just speculation atmat this point it seems highly unlikely...

All just speculation atm
at this point it seems highly unlikely that this would occur, as someone pointed out there are no hard and fast rules and i believe that done under the right circumstances (close to or in production) it would be beneficial.
Having said that it may never happen. I am hoping that this capital raising will put enough cash in the tin to allow Excalibur to complete all the work set out in timelines provided and take Juno etc all the way to a complete BFS. Once/if this occurs then the game changes. Any moneys required for the last step into actual production could be raised in any number of different ways aside from equity eg. bank debt, C notes, warrants etc etc.
many ways this can be achieved