Given the uncertainty in the prices of the PM's and the need to garner financing BEFORE any short fall leaves you prey to the wolves of Wall Street...this wasn't a bad move.   Besides - what helped drive the stock to the magic above-the-recent-average-price level of $1.50?  Not just the market left to its own devices.  This was a well managed price rise to meet the deal.   

Better than finding out the deal was done at $1.00 - which frankly is not uncommon.   I am happy they pegged well above the average price of late.   

As is noted - whomever bought at $1.50 obiviously thinks the company is worth much more - even with the added dilution.   

The real driver in all of this - PM prices... and gold is nicely above its 50 dma AND investors exiting the broader market in a near-panic will be looking to park some of the gains...and gold is historic port in a financial storm.    Bring on the short squeeze.