Some of the subscribers to the earlier private placement have opted to participate in the current debenture private placement rather than the unit offering.
Why? My guess is that Dr. Frost and others decided to wait for the PFS to be published instead of going with the massive dilution that was proposed initially. That shows a great confidence in the PFS IMO as they decided instead to finance only the $2.5 million required. So, they prefer to have more value for their current position (and our's) and are "risking" for a better long-term return on their previous investment then a quick one that would send a bad message to the market.
I was not happy with the previous financing offer as 25 cents for the next 5 years was really a bad signal. It looks like someone has good sense finally and told the board that if they want to be taken seriously and get financing for the development of the mine, they have to work to re-establish their credibility.
So, I think they decided to bet on the PFS to get financing later for paying the newly acquired properties et start the developement of the mine. It is a good thing and the market seems to like the idea as well as we saw the sp rise last week.