there's nothing quite like pumping the sp up, on the sniff of an oily rag, and in their opinion "oil flow likely", etc, etc, now, lets raise some capitol.
i'll put this very simply.
If they really beleived in the "oil flow likely" and commercially scenario, why not wait until its flowing "to the surface" and your 2x your sp, to do a capitol raising?
Why dillute at these meager prices?
The answer is, puting aside any thought they may want to delliberatley dillute at lower levels (which i dont think is the case), then you are left with the only other rational thought, that they are taking a CR at near to 10c as possible while they can. Why? Becuase they dont have the high level of confidence in a commercial oil gusher that has put the sp at even 10c.
Yet while it remains in the evaluation, and HOPE stage, they can capitolise on sentiment.
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