the placementDespite what most of the posters seem to think, the placement was set by the market and management tried their hardest to get a good price (ie above 10 cents).
They were hoping the marker would respond to the significant resource upgade - it didn't.
They then were waiting for gold to recover and the shares to move to something remotely reasonable - it didnt.
As a result they were forced to get the deal done at a level required by key institutions because the cash simply ran out.
If the gold market hadnt collapsed the way it did they would have dealt on the ghana tenements and no raising would have been needed.
In the end, it was no fault of management this situation happened and the reality is their delivery on the resource upgrade was a major positive.