q is out, page-6

Yes that is in the current report some months after the raising. It reads as "now we have lots of cash we need to find somewhere to spend it".

There is a huge volume of compelling evidence that suggests that acquisitions create net value to the economy after a gain to the target and loss to the acquirer. You can only hope that these guys are so good at finding gold that they outperform history, or we are lucky enough to be holding the target.

There is plenty of organic work to be done, so why would the company benefit from a dilutive and discounted raising in order to buy management some new toys?

When I see $80mil and no debt, all I can see is a text book profile for a company about to incur significant agency costs.