please help me understand something

1st March 2013: Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) provides the following update on capital management activities.

Background
Resolution 6 at the November 2012 AGM provided Shareholder approval for a $6 million equity investment by Monash Capital Group (Monash) at 2c per share, with one free attaching option per share.

Just prior to the commencement of the AGM, ECT received a letter from Monash stating the first tranche of funding could be delivered within a week, however the letter also sought to make those funds conditional on the acceptance of terms that differed from those put to shareholders under Resolution 6.

The Board advised shareholders that it would need time to consider the revised offer and has since worked with Monash to come to agreement, mindful of the approval window for Resolution 6 expiring on 28 February 2013 (yesterday).

Despite extensive endeavours to resolve matters with Monash by yesterday’s expiry, several key matters remain outstanding.

Fast Forward to 28 October, 2013…

In the Annual Report:

The Company continues to receive assurances and written guidance from Monash Capital Group Pty Ltd that they are making progress on their capital raising with respect to the planned $6 million equity placement.

Hang on a minute. Initially we are told the funds could be delivered in a week (implying Monash has the money) and now we are told Monash are progressing with their capital raising (meaning they don't have the money yet). So which one is it?

Please help me understand this conundrum.