funding strategy

I have had no correspondence with NWE management and am wondering whether any posters have discussed the funding strategy with the company? I have noted:

SPP @ $0.05 during 2012
Rights issue (1:8) @ $0.03 in 2011

With the current SPP there has been a lot of dilution during the last couple of years and th assets are more mature and presumably more valuable.

Can someone articulate what the company's operational and funding strategies are? Well managed companies almost always increase the cost of the next capital raising until they are carried by operating cashflows.

How much of the pie does NWE need to give away to free-carry development of Arrowsmith and what capital needs are expected? Small caps struggle to become high caps due to financing constraints.