burning through shareholders cash

I just had a quick look at this company and see that management burnt through 22.7 million dollars of shareholders funds in 12 months from 1-1-2012 to 31-12-12
They also rewarded themselves with large parcels of performance shares
The burn rate is 5.7 million per quarter & with 5.4 million in the kitty as of 31st December,should be out of cash by
the end of March, which has already gone
Another $20 million capital raising coming & for what?
850,000 ounces still in the ground
Not here to give advice to existing shareholders, just presenting some facts that I think you should be aware of
Where did all the money go?