I assume that the offer has simply expired and they were only able to gain the minimum $3mm. they haven't allotted any further shares. if they don't, that leaves cash of $2.9mm and a burn for the next Qtr of $900k. I have heard they have committed what is left (and more) to purchasing seismic in the areas they are looking at entering, which leaves them out of money (if they go ahead with the purchase). they may be able to use the agreements with Polarcus/AGR for this?
pretty tough market to be looking to raise funds in. particularly so when you don't even have an asset to sell the dream on.
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