I don't know that this was amateurish, just a reflection of the...

I don't know that this was amateurish, just a reflection of the times. A 20% discount is fair enough. Raising at 2 cents gives the underwriter a low entry point and in theory also gives existing investors a low entry point. It also gives more incentive for both parties to take up shares.

Not good for existing holders like me who aren't prepared to invest more. It's a sign of a very tough capital market. Horrible being an explorer in these times.

With so many shares on issue, this is probably also the last major throw of the dice for RXL as a serious company. The money they raise really needs to lead to significant progress and share price appreciation.

Without that future raisings (which will still be required to progress the company) are going to be very arduous and dilutive. A share consolidation may also be required and that rarely leads to good investor outcomes for holders.

This is just my opinion. It's also the first time that I'm a bit concernced. However, the news is still generally very positive from an exploration point of view.