spp a failure

in a report, dated 15 april, under the heading of HIGHLIGHTS, is the following comment..

"The Board of ERO Mining Limited (ERO) is pleased to announce that the recent Share Purchase Plan (SPP) was supported by the Company's shareholders and has closed"

originally, the company hoped to raise about $3m from the spp, but raised only about $1/2m (half a million dollars)... maybe the comment should have been...

"The Board of ERO Mining Limited (ERO) is upset to announce that the recent Share Purchase Plan (SPP) was not supported by the Company's shareholders and has closed.

the company was obviously hoping to sell its alluvial operation for a couple of million (though in the annual report, there is a figure of $1.6m, as being the value of assets , up for sale...