So either they can't scrape together $2.37 million (yet), or...

So either they can't scrape together $2.37 million (yet), or they've decided to take their chances breaching the subscription agreement to avoid paying 2.7c

Personally I wouldn't want to be paying 2.7c, and really what is UML going to do if LionGold doesn't pay? Lenghty legal action against your own cornerstone investor isn't a good look. And at the current cash burn rate it would never be settled before UML runs dry.

More likely LG is going to let UML run out of cash and either cut their losses or try to pickup the assets for pennies.