throw me a bone, page-15

OK on the !9 march 2014 IDC, said they have offers of $15 million for their hoped for placement of $20 million, subject to them raising a further $3-5 million in equity.

One presumes they could not raise the $3-5 million extra at $00.09, so the $15 million offer was withdrawn.

All they could place was $3.4 million of which an unspecified percentage went to PNG landowner groups.

OK. So what I don't understand is this.
Why was it an all or nothing deal . $20 million in total placed, or the withdraw of the $15 million already on the table.

Any ideas?