" Analyst Comment: To raise $5m in the current environment is an excellence achievement, as equity markets remain difficult for explorers to raise funds. We believe Echo’s success was due to the aggressive nature of their exploration program which has had a string of excellent results to date (Eg: 31m @ 13.26 g/t Au, 34m @ 10.21 g/t Au, 10m @ 22.86 g/t Au).
Due to the prior cash position and the on-going exploration program, we believe this raising had been factored into the company’s share price for some time. With sufficient funds to now continue the aggressive exploration program, we believe this overhang has been removed. "
I think the saying goes 'raise cash when you can and not when you need to'
To be honest they probably could have got $10million if they pushed for it.
