Why? and Grieve - what grade of oil?

Why in the world would anyone buy ELK at 7.8 cents per share when the capital raising is going to be undertaken at 7.3 cents?

And with respect to Grieve, why would the company undertake a capital raising BEFORE announcing the one month results of operations at Grieve? IF the results are good then the share price would increase benefiting existing shareholders and the company.

A capital raising before announcing results only benefits those that buy in the institutional capital raising.

Finally, what grade of oil is going to be produced at Grieve? Sweet or sour and what API?