i don't recall it saying anywhere it was a strategic investor -...

i don't recall it saying anywhere it was a strategic investor - the announcement said various sophisticated investors - no doubt there would be a broker or two involved and it is common for the company to offer the offer more broadly once announced even if cornerstoned by a few investors.

The company only had $2m in the bank as at end September with drilling due to commence again as soon as possible and in case you have not realised the market is very ugly at the moment. In my opinion the company has done exactly what it should have and strengthened their cash position opportunistically while they can - now there is no chance of being caught in a difficult position if markets continue to worsen.

No complaints from me (and no I am not participating).