I agree with you, PTLIAMHIS.
Given the benefit of the doubt, the Company's management has been trying to do somehting for so long and finally they did it. That means they are serious and trying to get this to work. Since they got the funds, and they are serious, they will work on getting the FS out and start working on the projects. Hopefully, they are organized and have a timeline plan to get this into operation.
Also, when the FS is out, the number of outstanding shares won't increase, but the number of available shares. Unless the convertible instruments are converted, O/S will be the same. A good sign of conversion, that investors are interested to hold the Company's shares.