It's never fun to see your holding diluted, but a healthy supply...

It's never fun to see your holding diluted, but a healthy supply of working capital is essential for the company to maximise its potential.

I thought management softened the blow of capital raising very well by releasing excellent drilling results shortly afterwards, giving investors an indication of further upside to come.

Keep in mind that apart from copper deposits, VCN also has cobalt, zinc and nickel deposits. Regarding hedging:

From http://www.news.com.au/heraldsun/story/0,21985,21023721-664,00.html

There is no doubt soaring commodities prices have turned the tide against hedging, but Mr Russo said companies were also under pressure from large institutional shareholders who were playing the metals markets themselves.

We're really seeing a fashion where the big investors are putting pressure on companies to be totally unhedged, which is not in the interest, necessarily, of all stakeholders.

DYOR