The directors were apparently negotiating with their sponsoring broker Martin Place Securities for additional funds, but there is speculation that Martin Place had limited cash and was finding it difficult to recommend another source of funding.
There was some evidence the company was talking with Peter Swanson and his firm (google Vanuatu and Peter Swanson for a brilliant story about almost bankrupting a nation) but in the end, a savvy tech investor pulled the pin because he was sick of all the promises:
