Options, page-6

"Since the CR is underwritten, it won't fail".

I am not so sure on above statement. As per Prospectus 4.7 (b), "the Underwriter has a wides discretion to terminate its obligations .... The more significant termination events are ...the volume weighted average price of the Shares of the Company during any consecutive 5 trading days upon which Shares trade is les than the Offer price of 10 cents ...".

Given the share price over the last few days, I guess Patterson could get out of the underwriting agreement. That could be quite a messy scenario should it eventuate ...