It is positive that it is a rights issue and not a placement....

It is positive that it is a rights issue and not a placement.

The downside is that previous presentations in March and June stated that the company had debt options available due to the value adding acquisitions and the PLJV is now operationally cash positive. What happened to raising debt?

The company should set out how they intend to make the company cash positive with these value adding acquisitions and further investment in Canada. Not only at an operational level but also the company level.
Otherwise this is not different from the past where the company is about paying salaries and board fees and not about creating shareholder value.