I disagree - obviously. IMO the take-up of this CR will be worse...

I disagree - obviously. IMO the take-up of this CR will be worse than the last one & that was bad enough. If they believe that GG is as promising as they have been advising us, then they could have pushed on with the exploration. They have been spending $1m / qtr ($700k on exploration) so they had until early next year to wait & judge results. With the announcement of CP being awarded + even a half good drilling result they could IMO have done a CR at a far higher price (2x+) & got a better take-up resulting in a CR multiples of this one & with far less dilution. The risk:reward ratio is compelling, IMO, to go down that path. But no, lets just write off 30+% of the SP arbitrarily instead.