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...It always works to raise capital as share price is increasing. Milestones are reached, re-rating of shares reflects increased value, old shareholder are happy and new ones want to own an increasingly successful company. Ask Tesla and Amazon shareholders. Each new batch was NOT sold at lower and lower prices with increasing numbers of shares, insuring total destruction of early investors. Let's hope this is an exception, but not very likely. Not nice how this has played out. Started with a third of the company for two Steveille wells and the trouble with the processing plant has not helped. And milestones (like the Sparrowhawk JV have resulted in shares going down, not up). If you incude the warrants, these new shareholders got about of company for 14 million dollars, 6 million now and 8 million when warrants are exercised. Meanwhile Sparrowhawk gets half of Val Marie project for 25 million. Of course they own 56 percent of the wells so they will get revenues directly. And they owe none of the debt. It is an interesting story but no ready access to cspital hurt them. Must be pretty stretched to sell 9 centb shares in bulk.