TBE,my experience with penny stocks, and particularly oil and...

TBE,
my experience with penny stocks, and particularly oil and gas, is that they do indeed raise cash earlier rather than later. I would think particularly BEFORE results are known. Timing is crucial as all agree. But, as for management strategy: I would have thought management would hope for a lift in sp prior to results, and as a prudent measure do a CR. That way, there is cash to operate the company going forward in the event of disaster in A-2, however well positioned it might be for good results.
The obvious downside is the added dilution, but it still makes sense to raise at least some capital before results are known.
btw I have not posted on NWE recently, but I have been holding for around 6 months. Good luck all.