They would have been much better off getting some decent drill results and letting everyone cash in their options - I think they have treated these shareholders poorly in that respect. But as I posted earlier, they probably didn't want to dilute the shareholding with the option holders.
The announcement was very underwhelming. 1.68M would be easily raised in the current conditions. Plus they already have enough funds to drill more holes. 8c is hardly a premium. If they wanted in, let them buy on market (may have already as well).
Fund X? Same backers of Red Bore?
They would have been much better off getting some decent drill...
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