Ann: Rights Issue - Extension of Offer Period, page-41

I agree dante941 that the Board is going to work on getting as much of the shortfall placed into the hands of willing investors and make sure how much money it has to work with and how many months of existence that represents. It has to assess its priorities in the light of a less than thrilling response to the Rights issue.
Obviously it is going to be hard work trying to flog off the shortfall in light of the meager response from shareholders to the rights issue and the offer for those taking up their full rights to participate in taking some of the shortfall.
If I was on the Board then I would want to have some idea of how the flogging off of the shortfall was going and that there was encouraging headway before giving the green light to the drilling. I would want a bit more of a cushion of finances there before leaping in.
Okay I know that it is important to attempt to get some idea of what is there in the hope that there are some really encouraging results to be found but they do need more money to keep VIC solvent. If they drill and find it is rubbish then they will have no hope in convincing anyone to put more money into VIC and their other prospects will languish and die.