Here's what I think the situation is: The money is being raised w/ the primary purpose of drilling. However, the funds are not restricted solely to that purpose, but may legally be used for any working capital needs. So I would imagine that over the extended period of time, that is what has happened. It is 'cheaper' money from the company's perspective (and shareholders perspective) than the debt conversions. But it may be somewhat disappointing to those (like me) that thought the money would only be used for drilling. I don't think the company did anything unlawful, but maybe didn't appreciate how some folks would view alternative uses of the funds. Not a huge deal, in my opinion.