RE: RE: RE: Fresh Canvass LFD announced a large "public financing" then announced that they would not proceed afterall. Subsequently, they completed a much smaller "private" placement to essentially tide them over, but insufficient to do any drilling. Company did not elaborate on their reasoning, but the pr announcing the cancellation of the first financing made reference to unresolved questions raised by the SEC. I do not think that lfd had lost or was in jeopardy of losing psc in spring of 2011, but for SEC to approve a public financing, they would certainly check details about lfd's contract. In the management discussion documents, lfd clearly stated that the required payments were and still remain outstanding.
Also at the time, there was reference on this board to a sec investigation? Company provided no clarification, so we are left to speculate. Also remember that DNO got into no end of trouble with kurds when the Norwegian stock exchange raised some concerns about their contract. LFD maybe did not want to go in that direction so went the private placement route which would not be subject to sec review and approval.