I would have thought that the company must state the reason for...

I would have thought that the company must state the reason for raising the money, even if it is something vague like 'looking at some opportunities that may arise due to the credit crunch' or 'upcoming drilling program' or whatever.

The only thing they said they may spend the money on, is buying small parcels of shares from those holding less than $500.00 worth of BTV shares. From the annual report, there are 2133 such holders, so that could be up to around $1 mil.

What about the other $2.5 mil + that they may get?