It depends on who the capital raise is targeted towards and what they want the money for
If it's a raise to everyday investors, they usually do it at discount to current price which eventually sends the price down to the discounted price, then it slowly recovers.
If it's a raise to institutional investors that they've already completed, it will have little effect on the share because the broader market can't purchase shares for cheaper
Our best case scenario is that they have some awesome news regarding the well and need to capital raise to fund processes for it - given the recent ramp up from 1.8 cents after they closed the well, plus the timing of this capital raising so close to the date of expected news / well reopening, this is a possibility. Though I think they would announce to market if the well had been reopened and work recommended (unless they already did and I've forgotten). Our worst case scenario is that they capital raise to everyday investors at discount and don't give particularly good reasons for it - then we drop probably a cent?