My take on a financing is, if a small cap waits until it needs the money it is in trouble and will be at the mercy of others. If a reasonable offer is given it should always be taken. I've seen to many companies in the past pass up financing offers and have market conditions change and can't get a financing.  Just think of your dealing with a bank... You don't need any money and they are chasing you, but God help you if you actually need money...