I agree with you,
it may be wise to raise capital now rather than burning up all existing cash reserves during the course of drilling.
I am a long term holder of MXR and imho the Cap Raising back in December was a wise move considering the shaking the market experienced in late January. Even tho it meant a temporary decline of the shareprice I am very confident that the SP will recover in due course and get back to old lvls within the 40-50c range.
Anyway, it's better for a company to be nicely cashed up before you begin with such a big undertaking such as the IO drilling.
Cheers
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