I think the strategy was this.In any case, a minow trying to...

I think the strategy was this.
In any case, a minow trying to raise such a substantial amount of money was never going to be an easy task, or a sure deal. No matter how good the deal is, at the end of the day instos and SI?s are putting their money on the line.
If ME had run his road show, and Hartleys touted their valuations (they went from risked 10-12c just post announcement wasn?t it? And now theyre 17c risked... what changed?) before the period that would determine the raising price (ie the week leading up to the meeting) we could have seen an issue price of 6-7c which would have been fantastic. But the downside risk between then and now is still the same, all that has changed is number of punters jumping onboard. So that gap between the downside risk and issue price would have increased which in turn would make it more difficult to raise the desperately needed funds.
So i think it?s all just a way of ensuring there are no problems raising the full $34 mil, and guaranteeing our way forward isn?t hindered by an inability to raise sufficient funds.