418 mil shares is not going to hold MRF back. An exploration...

418 mil shares is not going to hold MRF back. An exploration company has no choice but to raise funds through share placements as it has no existing cashflow nor viable resource estimate, thus making it impossible obtain funding from financial institutions. Ask yourself this question: When one lends, one seeks collateral as security. In MRF's case, no one can estimate the true worth of the existing assets. With no operating model nor cashflow model, a financier cannot ascertain risk. Hence, the money will be obtained through a risk reward scheme - selling part of the company or asset. In this case, it is a company but at other cases it will be a JV on a specific project like oild companies do with potential drilling programs.
However, one needs to be cautious if companies don't deliver and keep raising cash as an increase in registry means the company needs to match that with an increase in financial output. Otherwise, the existing holders suffer as many raising are performed via instos.