My guess is a new sophisticated investor could not be found so...

My guess is a new sophisticated investor could not be found so left to existing holders to pay the bills.

as the money will not be used to create new resource there is little prospect of any SP uplift.

existing holders are left to prop the company up while either a sale of tenements or a new investor can
be found to fund a drilling program. Lets see what the external advisors come up with.

The other option would have been to issue convertible notes and get drilling as was done in the past. An even faater race to the bottom if solid intercepts are not forth coming.

must be that the prospective drill targets are not compelling enough.

imo
glta