private placements., page-3

Me too - getting to be a bit of a habit with many of the spec oilers - I would much rather they developed more slowly and built using cashflow rather than cap raising - truly great companies usually work it that way - a company with a MC of $100m and 50m shares beats a company with a MC of a $250m with 500m shares hands down.

It's directors/founders getting greedy - there are usually undeclared benefits from placements to institutions "at the right price" - often indirectly as seemingly unconnected kickbacks. I'm not saying that has occurred here as I think management are very diligent - just that it is known to happen.