@ex2
Same opinion as you have regarding CR´s
For comparing reason just look at Red Emperor, 88E´s partner for Winx1. With todays ann they raised 2.8 GBP to have working capital for Winx. That CR means 19% (!!) of their share capital! As an explorer you need to raise money via CR sometimes and especially if there isn´t cash income from operations. Therefore its called "explorer" and not "producer".