SF,the placement wasn't underwritten sure, but there would have...

SF,

the placement wasn't underwritten sure, but there would have been 'indications' from one or several interested parties to take up the offer. So not having it underwritten is not really that big a deal.

As for the placement takers i can't imagine they would be to happy, short-term anyway. And I would be surprised if investors that put their hands in their pockets now would not have done so equally keen sometimes later, underpinned by some good news regarding production flow and/or reserve upgrades.