RE:Private PlacementPurpose of the private placement is pretty easy to understand...
They were running low on money. Mark explained that this placement was "bridge'" funding until approval for the 30million was received from the state of alaska for the SMC 1 in Ketchikan.
Other potential funding comes from contracts for SMC2.
Expect the remaining 300k or so placement to take place, and some kind of announcement over the next month or so.