Bhuvan,I try to give Management the benefit of the doubt ......

Bhuvan,
I try to give Management the benefit of the doubt ... preserving cash is a good thing as such.

My holding is too small to complain. And it is a spec stock, so I treat it that way. You put money on the table in the hope to win big. But if you lose it all, then you have to be able to say "so what ...".

Maybe (and I am talking hypothetical and in hope):

a) there is other T&Cs attached to the issued shares (like a minimum holding period or the like)? Although if this was the case, it is surprising that it wasn't mentioned ...

b) NWR was able to squeeze out an improved long(er) term drilling contract (again, surprised that it wasn't mentioned should it be the case)

c) they simply wanted to avoid to have two public CR in a row. I am pretty sure there will be a fairly large cap raising coming up before production.

Whatever the reasons, it helped me to make up my mind. I was considering buying another parcel. But now I hold off until price collapses and maybe I can snatch some more at @ 5.5cents or thereabouts. We will see ...