The money was spent on the legal case last time which went to the high court. It was also spent on gravity and magnetic studies done by hovercraft so the lake wouldn't be damaged. Original core samples were studied and calibrated into the new geological model. 2.5 holes were drilled untiil the drilling window ran out. These were expensive holes costing I believe close to $2m each. Then after the holes were drilled more geological studies were done. The SA government also stumped up significant funding for the drilling.
As for a cap raising, that won't be a problem. Too many people know how good this prospect is. So with a bit of promotional activity the share price could be say 4c. Argonauts share of around $600k to drill one hole is easy to get. In the hype before the drilling announce another 3-6 holes and raise more money.
