This is quite surprising. Indications had been that there would be no more share dilution, at least for some time. Could this have something to do with the unexercised warrants at $.55?

I don't really understand the need to raise capital now for exploration. Why not concentrate on increasing cash flow from existing resources until the market improves? The answer must be that their all-in expenses are such that they cannot sustain both exploration and production with current cash flow.

The positives are that they must feel very strongly about the possibilities of Hewfran and Nelligan. If they can prove up SIGNIFICANT new resources, then this PP might be worth it.