Could have been worse
Reporting on a Friday, after the bell, is never cool. I don't respect it when company's play that lame game of "bury the turd". That goes double when it's a pre-holiday, Friday (for US markets).
That said, it could have been worse. Redpath's willingness to negotiate fronting the development costs could be considered a sign of confidence. It was pretty obvious that PTM/PLG hadn't started getting decent production numbers by year-end, 2016. So, $1 M dilution isn't bad, considering.
The real question for me is if a combo of better production numbers in Q1 (my calendar's Q1, not the company's) as well as the rising PGM prices, might give this stock another good run, prior to the next dillution.