CPN Chart, page-247

I'll just like to add for those new to investing in exploration companies:

Explorers raising money is difficult even when the market is good. Generally, if an explorer has someone throwing money at them, then they will take it through a raising whilst it's being offered. Mainly because there could be a sudden market downturn and it's better to have cash on hand rather than not in that situation. Or even the examples that have been discussed - if drilling results have turned out bad.

Also, it better not to run your cash down to low levels before raising as it places the company in a bad negotiating position and they may have to accepts terms that are not ideal to shareholders. Better managed explorers usually don't let the cash on hand drop below $1M before seeking a raise.