material placement for what

What is the reason for the 'Material Placement'?

I can think of a few different options.

Option 1:

What if the recent 'slow down' of activities at Lichkvaz has flushed out the 'recalcitrent shareholders' who preveneted a 100% take over of Iberian? These approxiamtely 14% missing shares equate to roughly 7% of Tamaya's capital, which would make it a material placement.

Option 2:

Arco iris drilling results are so spectacular that the board is super keen to get it into production ASAP and to do this they need lots of money.

Option 3:

Toronto listing. The board is disappointed that the share price is where it is, but bites the sour apple and goes ahead with a listing through a Toronto broker anyway.

What do you think?

Cheers,
IHS