any logic in holding this stock?, page-14

In it's original announcement on 22nd October that it had secured $35million debt and equity placement ,this was how it was phrased

Australian weapons developer Metal Storm Limited is pleased to announce that it has
secured an equity and debt placement of up to $US35 million from international investment
company Assure Fast Holdings Limited BVI (AFHL). The
negotiations were completed in
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Hong Kong with AFHL and its bank, the Royal Bank of Scotland.
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The statement that RBS had been in on the discussion's gave me great faith at the time and still does that the money in fact does exist.
Why it hasn't come through is the point of conjecture