News: XAM Xanadu Mines Seeks Trading Halt, page-5

They'll raise the funds not least because they have gone out to the market (shopped it around) till a broker will have underpinned it.
Usually cap raises are at a 5 to 10% discount to market.This wasn't that (implied tank).

So we are faced with the theoretical benefits of a raise to existing holders viz. the Co. gets the money and uses it to develop the asset.
As investors we are faced with dilution. Or we can buy in market at around the price we raise at or they may throw in a SPP. Given a buoyant copper and or gold market the share is worth multiples of the price they are raising at. A buoyant copper and or gold market is I believe what Mr Bornite termed a liquidity event.

As an investor I'm ambivalent as to whether to tip more money in or not. For the reasons above I think it's a hold.