Yes I agree that it's good to have lots of acquisition options...

Yes I agree that it's good to have lots of acquisition options in regard to developing their projects but the board must understand that you can't have everything at once, that would require raising a truckload of cash to buy everything at day one, then raise more cash to develop them etc. Start off small, use internal cashflows and debt to expand and buy more coal assets, that will increase shareholder returns more not being trigger happy thinking "right we have to own 15 coal assets right here right now" the 5-6 they have is more than enough
Yes - the debt financing is good. But have you noticed how many oppies the board have had to issue? To EDF, to acquire remaning interests in coal assets and along with the $20 odd mill from the debt syndicate i would bet my bottom dollar that is convertible into equity as they haven't announced the terms yet
So fully diluted share capital is probs in the range of 2.5-3 billion which is outrageous, and the stock will be another penny dreadful
Another thing, look at this issued capital history:

Issued Balance
8/12/2009 Working capital 152m 1,141m
8/12/2009 Loan agreement 64m 999m
8/12/2009 Debt facility (convert) 117m 925m
11/08/2009 Working capital 66m 808m
11/08/2009 Corporate services fee 11m 742m
21/07/2009 Working capital 95m 731m
4/06/2009 Commence mining operatio 180m 636m
4/06/2009 Working capital 65m 456m
30/01/2009 Acquire CCC 180m 391m
30/01/2009 Acquire CCC 10m 211m

The company has gone from 211 million shares in January 2009 to 1.2 billion in December 2009
Yes i know the company has transformed from nothing to explorer to coal development/production and you obviously need to pay for it somehow, but how much "Working capital" do you need and look how much equity they issue in the debt facility deals
Plus that doesn't include the shares they issued the other day for more debt and to acquire the remaining interest