I am going to speculate here and throw out a few ideas:- there...

I am going to speculate here and throw out a few ideas:

- there cannot be any good news coming about drilling on any of the existing tenements. Otherwise you'd let the good news come out then and then do the raising.

- there could be bad news coming so they are doing a "just-in-case" raising before the SP tumbles even more.

- they are going to make an acquistion and need the cash

- they want to stop anybody buying the company just to wind it up (cash backing is about 6c a share at the moment and the SP is only 2.5c with around 90m shares on issue); the raising takes the cash backing down to around 4c a share which is nearer the SP.

I'd be very interested to know what is going on.