Flow-through private placements like this are generally offered to a group of "accredited" investors. The term "accredited investor" describes investors permitted to invest in certain types of higher risk investments including seed money, limited partnerships, hedge funds, private placements, and angel investor networks. The term generally includes wealthy individuals and organizations such as banks, insurance companies, significant charities, some corporations, endowments, and retirement plans.
IR has told me the private placement is firm - there are no options or anything of that nature. Clearly a wealthy individual or privileged group of investors see significant upside in NOX. If I'm misunderstood the situation, someone feel free to correct me.