Rule #2 - don;t forget Rule #1
That was told me many years ago from a veteran NCR salesman. Probably not original, but the point is clear and still valid..
When the sky is falling and capital cannot be found at virtually any cost, that is no time to screw around and try to be cute. Get the money!
Sure we would all like to have done a less dilutive deal, but I happen to own a rare earth play where a private placement at $1.25 did not turn management's crank last year. Today it trades at 8c.
In the final analysis it is not going to make any difference if there are 85 or 95 million shares outstanding. If Hecla wanted the upside from hot drill results, well too bad for us, but that's the way it is going to be.