Of course! I didn't expect a CR as I expect the options to be...

Of course!
I didn't expect a CR as I expect the options to be converted
= $7m in the bank.

However, that's why I'm not in charge of a start-up silver mine,
she'll be right is not going to get that ore out of the ground.

These guys have a goal and a plan.
In the medium term the price of silver is volatile and even though
ARD are not producing the sharemarket is reactionary to the price of the
underlying commodity.
Management have some news in store, but their control of ARD shareprice is limited, therefore though they may feel positive (too positive to
throw money at an underwriter) they cannot with certainty predict if the options will be converted.

They can predict with certainty the expenses involved in implementing the plan.

Therefore good fiscal management demanded when the price of silver was
on the rise in late April and the ARD share price was building from a low
of .16 that the company sought capital.

Will the market reward such prudence, I guess if the news flow is good and silver continues to rebound, the story may capture the imagination.
Generally the cap raise price is a magnet to the shareprice, but not always.