A cap raise of $40 mill cdn would equal 10% dilution.Not the end of the world. It is dwarfted by whether or not further testing/drilling proves up something in the 70 mill barrel of recoverable oil in Royston. Remember even with taxation, royalties, given the low per barrel cap ex required to produce the reserves are easily worth 8 us or 10 cdn, which would approx twice the market cap of the company.
I AM NOT SAYING 70 milion barrels of recoverable is a slam dunk, but something in the 10's of millions of barrel range is definitley likely given royastons size, and something in the range of 35 million barrels would represent the current market cap and it is all incremental value to cassandra.
THUS it's the drilling results and not the impending dilution that is of 99% importance.