this is a very smart move by the company; take the money when...

this is a very smart move by the company; take the money when the money is there. Yes, they had cash in the bank for another 12 months of marginal activity, but I am pretty sure existing shareholders would be much worse off if they had run the cash balance towards zero and desperately needed to raise capital at a later stage.... if the market at that time had been hit by a correction and risk off was prevailing; the dilution would be very painful...

now they shore up the company, extend the runway dramatically and enable themselves to be much more aggressive going into what is hopefully the start of a bull market... you want your company to be solid at this stage of the cycle (especially in light of the volatility the sector is famous for)

the above comments are clearly subject to the company behaving reasonable towards existing shareholders -> not too big discount (if any) and not too much capital.