new gang in charge, page-17

Not disclosing the deal at the time is certainly a concern. I can however see the reasoning. Obviously the sp was getting hit hard at the time. Announce/admitting that the 6.5c placement was a massive failure (as GO said) and that they were short on cash would have all but killed sp and JPR.

Instead they kept the terms of deal with Biskra private. The sp still fell, but not as bad as I believe it would have. I guess we will never know.

Obviously they were hoping that Biskra accepting 6.5c shares would be a signal to the broader market. Had it worked and the sp stopped dropping, the (2nd) final payment would have been minimal.

It was a gamble that didnt work.

Of equal concern to me, who is Biskra?