Been too many capital raisings in the gold developers lately. Markets scared of significant dilution due to small market cap. Plus sentiment in gold is low at the moment.
They should just borrow the whole 40 million for the project. Once funding is secured share price will rise. Cash will last till the end of the year at this rate but once project gets off the ground share price should rise then they could raise a bit to get them through till next June approx 6 mill.
Some good drill results in the meantime wouldn't hurt as well
