nothing but a potential short fall in a Capital Raise and no...

nothing but a potential short fall in a Capital Raise and no underwriting.

Might need to do another placement instead at a cheaper price again maybe unless share price gets above 8.5c soon.

Placement is where a company sells a bunch of new shares to an institution or a single investor, its a cheap and quick way to raise equity.

Priority offer is where you offer existing share holders the opportunity to purchase additional shares. I think it runs off a first in first served basis. But i'm not 100% on that.

Just gong from memory, 5Mil was raise via a placement which i believe was filled.
Then 2Mil priority offer to current shareholders with Pattersons to buy any that didnt get purchased to reach the 2Mil. However because the Share price has dropped pattersons no longer has to buy the remaining unsold shares and I doubt anyone will buy them either since its cheaper to buy them on the open market.