Obviously, the higher priced any financed shares are, the fewer need be issued. At $3/share, I'm all for financing, even more than the $15m - $20M. Fine with me if Solomon issues 15M shares in 2013 to increase and accelerate capital development by $45M.
Obviously, this is entirely different than the reward of $15M being bought with the dilution of 30M shares.
But, just because you think that curtailing issuance gets the share price to $3.00 in July does not make so, or even likely. I agree in direction, particularly if some pledge were announced, but not magnitude, not even close. Course, I'd be delighted if you are even close to right.
And of more complication, there may be commitments already in place.
Point is that the company limits the new shares as best it can, and as long as it can, and as well as it can: meaning, within whatever constraints, wait for the listing; optimize the means of financing (loans, bonds, limit expenses),