If it's a fund investing they are often interested in a project...

If it's a fund investing they are often interested in a project rather than exploration results. Post Scoping Study they would look to bankroll the feasibility study and part of the development capex. These days a small fund is several hundred million so they are really looking for investments in blocks of 10's of millions ie: staged investment in MOD to develop T3.
In that context exploration results are just icing on the cake but not the main basis for investment.
I think there is some merit in puttting away the raise before year end and then being able to take the project forward into next year without concern over any short term market volatility.
I hope it's staged raise at an initial 3.5cps to show real support for the company.