noam:

"It seems to me this offering comes at the worst time for CLL."

That would all depend on which direction you think oil is going..With North Korea threatening war and popping off nukes, Iran testing missiles and saying it won't stop it's nuclear program, then sending warships off the Somali coast ADD the fact that the NUT JOBS in the world consider Obama to be weak , then OIL WILL AND IS GOING UP.

CLL SP WILL BE DECIDED BY THE MARKET and whether they feel dilution is worse than debt.

It's well know that demand will start to increase as will the price of oil. IT'S equally well know that ALL MAJOR players have drastically cut back exploration,drilling and project expansions. Money is hard to come buy and many companies are holding back..CLL can now position itself as the only company able to achieve financing and expanding, in other words the leader of the pack when it comes to restarting production expansion.. If oil continues it;s upward trend then CLL has just made a good move,,if oil tanks again, at least they have enough cash not to go bankrupt until oil rises.