The same argument was made when the market was telling us that the JDZ drilling campaign was a disappointment and the stock was in the .70 area. It told me "gas, not oil" and to sell (which I posted many times while the stock was well above .50) while others said buy and that erhc has proven. The market spoke again telling us the recent offering would be undersubscribed while others insisted Offor would fully participate. Right again.
Now the message is small amount of cash from the LOI if it gets done at all, and huge dilution as cash gets raised via the private placement route. If this were not the case, the price would be much higher. Instead we see those who participated in the offering taking every opportunity to sell those new shares anywhere above the offering price. Reject it if you like, but it sure makes trading much easier from my perspective.
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