Market conditions are indeed lousy for fund raising, but given the needed work committments, the company should have garnered more interested investors beforehand and not proceeded with the deal if they couldn't foresee a reliable source of funding.
Without the funding even the most promising project won't add value.
They successfully expanded Wheaton Creek a couple of years ago to include where the largest existing gold nuggest in B.C. was found, and I hoped then that they would explore this new area. They likely will now, but adding the Atlin project that they couldn't fund was a mistake. All those shares issued to Brixton are the ones likely being dumped now.