under writer burnt

So it appears the under writers will take a bath on this one, up for $1.3 million for almost 17 million shares.
Cannot believe they will hold them so unless they had a prior deal lined up there could be some cheapies in the next month.
My understanding is it cannot be Citic, correct me if this is not the case.

I still believe long term in this one as good drilling / exploration results continue but just could not bring myself to support this raising.