Agreed.  The market for juniors raising equity funds has been very difficult for well over a year now.  Those that have raised funds have been issuing at very low prices.  Should that scenario continue the result is more dilution with share prices reflecting it.  If they are unable to raise funds, then many will be sold off or merged at what current shareholders would see as unfavourable terms.  With the alternative being running out of funds some will have no choice in the matter.