What the ??, page-20

Ahhhh

I think NOVO would fit the bill as a S/I.

Based on the financials the cash clearly was not needed at the time it was raised.

There is no evidence or advice of expedited exploration which may have justified raising money when cash was supposedly just about to come pouring though the door.

IMO they diluted by 50,000,000 in case Sinclair was dud and they had to repay Cabots from cash to save their .... jobs.