Best guess at amount raised in placement., page-169

Hi Rats, I understand where you are coming from and you are probably right, not really an area I am experienced in. Think this is the section you are referring to
"
After allocation of any Additional Shares and Options to Eligible Shareholders who apply for Additional Shares and Options, any remaining Shortfall up to the Underwritten Amount will revert to the Underwriter pursuant to the Underwriting Agreement. Pursuant to the sub-underwriting arrangements, such Shortfall Shares and Options will consequently be taken up by the sub-underwriters. "

From this it would seem as though they would be up for the shortfall up to the Underwritten amount pursuant to the Underwriter agreement. My concern is does Section 1 reduces their obligation, pursuant to the Underwritter agreement? can't see any relevance for it otherwise, as it relates to the subscriptions raised up to the underwritten amount (4m) going to relieve the underwriters obligations. Based on your scenario there would be no relief to their obligations until 7m was raised and then each dollar thereafter would relieve a dollar of their obligation.
Think that's what you are saying anyway. So what's the relevance of section 1?

Anyway, not too worried about it, just interested in it and as I say I hope you are correct.

Thanks