Bottom line is that the grades didn't meet expectations and they are now out of cash. To move forward they need to dilute the current shareholders, and they already have 152,162,916 outstanding. The good thing is the 60 million , or so, options and warrants will never see the light of day.
They need 3.8 million and that translates into 76,000,000 shares at 5 cents and then throw in a 1/2 warrant and you dilute current shareholders to the tune of 114,000,000 shares, or 74.91%. That's like taking 75% off of the current share value. That's .75 x .055 = .04125. So, in true value you're left with .055 - .04125 = .01375 of value. It's a bust, no question. At this point you should just start over because you don't know if the next drilling is going to hit economic grades. Reverse split it to 20 million shares and do a PP at higher prices.
Those that are down should just book the tax loss and buy into the newly structured company if you think they can prove it up.