(1) Sconi Exploration program - this was flagged some time ago...

(1) Sconi Exploration program - this was flagged some time ago so not surprising
(2) Additional studies to support Sconi project financing - it is clear they are facing challenges placing the funding, it would be interesting to know what the studies involved.
(3) Expansion of management - This was flagged a while ago - BBs replacement, a finance guy and a project guy from memory as a SH I would have liked to see them cut BB loose rather than give him the role they have - it is just sapping precious cashflow
(4) Working capital and costs of offer - not exactly sure of the scope of this - is this just referring to various mandate and other fees/expenses associated with the funding or is there a component of general working capital - Seeking funding of the size they are is not a cheap exercise there will be a raft of advisors and "hangers on".

The "additional studies" could be positive or negative - it could be lenders have requested additional information to support their decision - that is the positive "spin", the negative "spin" is they have had numerous knock backs and are seeking how to strengthen the proposal they are marketing.

It has been a while since I was involved in transactions of this size but it is not unusual for a syndicate manager wanting to investigate / enhance aspects of the deal they are going to possible syndicate members with.

I can't see too many retail investors subscribing to the offer,