GP - I'll paint a positive scenario only - the negative is there...

GP - I'll paint a positive scenario only - the negative is there of course. They may have only done a small raising for a couple of reasons:

1) They wisely do not want to give it away for nothing. If all is well with this business and the project and we believe what we have been fed, then 14c is ridiculously cheap. My view is that their hand has been forced due to market conditions so they have only drip fed a CR at this price (reluctantly but basically with little choice).
2) I can only assume they have done their numbers. Other avenues to raise capital have already been discussed in the past. perhaps these talks are now well advanced and $3 million is all they needed to see them through to the next announcement which i can only guess will be before the year is out.

So for mine its a matter of more coming via other avenues that do not dilute, but this was required in the mean time to see them through. I don't see these Directors as being charlatans.

Of course the other option is that no one wanted a bar of this , this is all they could raise, the directors were forced to cough up some as well , and we're all basically f@#*ed !!!!! :)