Ann: Closure of Rights Issue, page-4

Feedback from the Company is that they are comfortable with raising and delay to closing - approx half a million in the bank, and Pinnacle has not departed the scene. Pinnacle have a mandate as disclosed in asx announcement to use best endeavours over the next three months to place the shortfall. They get the 20m options (previously disclosed when Norwood announced capital raising) and only on closing the offer fully (ie placing the shortfall) so they are sufficiently motivated. 

At the end of the day it is not he case that small cap fund raising are regularly fully underwritten.