placement

Seems its primarily going to additional wells at Pierre. Cottee seems pretty focussed.

"The Placement funds will provide Austin with additional working capital to allow it to start the Pierre shale drilling program at the Company’s Niobrara Pathfinder project. The Company is proposing an ADDITIONAL TWO SHALLOW WELLS which, if successful, will result in the EARLY COMMENCEMENT OF OIL SALES AND ADD SIGNIFICANTLY TO CASH FLOW.

Chairman Richard Cottee said the drilling in the Pierre is highly attractive to Austin because it is
EXPECTED TO BRING FORWARD A STRONG REVENUE STREAM in return for a modest investment."

My emphasis