AZZ have just raised $6.1 million ,, and have given the reason...

AZZ have just raised $6.1 million ,, and have given the reason as " appraisal and development of Harrison 1 and Garcitas 1 ""
It's not like they were short on the ready, as they've still got $18 million in the bank., but obviously don't want development costs to eat into the capital for exploration...
Was expecting this when they went to the meeting to get approval for an increase in the volume of "convertable notes ", which was overwhelmingly supported. Almost unlimited supply of money there now for as much exploration as they want to do.!

AND this is what i like,,,,, "" absolutely NO dilution for existing shareholders "" After all,, there's no point in having a share buyback, and then turning around and raising doe through a share issue... !!!

More good homework and strategic foreseight from the directors IMO. I have no problem with this move, and quite clearly they have no problem selling the notes either. Thats a good sign about professional investor confidence in the company, and it's a good sign concerning our two wells also !!