Why didn't FAR raise enough capital in the previous CR?

Hi guys,

I'm long on FAR but don't follow the company as closely as many others in this forum so I'd like to get some thoughts on this.

I'm positive with the future of FAR but this question has been on my mind: when FAR did their $46.7m capital raising on 20 Oct 2014 at 11c (shortly after their significant oil discovery announcement), why didn't they raise enough to pay for the foreseeable work on Senegal then? Surely they knew then how much they'd need to take this to the next stage of development, so why do you think they only raised some of the money they'd need then?

Maybe the $46.7m raised then was all their institutional and sophisticated investors had at the time? Or maybe the guessed that the share price would go up further ahead of this 2nd CR? But surely management knew the money raised in Oct 2014 wasn't going to be enough.