It's a fair point, but this price movement is extremely quick...

It's a fair point, but this price movement is extremely quick and violent, & keep in mind PEN going up 100% was a response to spot going up 50% first. Doing the placement now or in the past couple of weeks would presumably have meant offering shares at some level of discount to 20 day VWAP & last closing price, and by the time the placement actually executed the insto's discount to last closing price might be looking more like 30-50% (some here on HC would have heart attacks for sure). Followed by having to get that money and grab 300,000lbs of uranium from under Sprott's nose before that uranium also rises in price to further erode this scenario's advantage. Could it have worked out better? Maybe a little, we don't know where PEN or spot price will go in the next 20 days after all. Massively higher uncertainty for at best a tiny extra reward though.

edit: page chewed up the quote box but that's a reply to @thepick