Ann: Firebrick Closes Placement at $0.2 milliion, page-4

They forgot to point the finger at themselves.

My guess is that after the ridiculous first attempt at a CR a lot of potential purchasers felt that the company had attempted to scam them and refused to participate in the second offer.

The second offer was also at the high end. A 10% discount is not really high enough to tempt people into macro stocks because of the illiquidity.

Having said that, HotCopper also hurt themselves in this process. They should never have agreed to participate in the first attempt to raise capital - it was a lose-lose for everyone.