I just am not even a little bit suprised - I knew it was coming. Especially after the last call the office saying dilution is a small possibility in the future. That cemented it.

The last call to the office came on December 15th by Spitfire191. The relevant quote is this:

-He is a shareholder too, and so things like dilution are not appealing to him either, and so things like that would only happen if a necessity, and only to raise money that would be necessary.

So six days ago he said only if necessary—they certainly didn't need it at this moment for general office expenses—so that leaves us with a big open-ended question of why?

In chats with other people they are saying that the survivors in this market are going to be the ones that can actually raise money now and use it to buy into other projects (to hell with the dilution.) Because of this I'm less concerned than I would normally be but because we were specifically told there would be no further dilution there had better be a good reason. I really hope it doesn't involve Teck walking or some other disaster (although, again, they couldn't know this and not announce it before raising funds.)

Maybe they're anticipating a deal in the works come January/February and need funds for lawyers, etc. Maybe it's all about Carmax and not wanting them to take their fundraising away from us.