Good question, but no easy answers.
First, this past week would have been tough for communicating with the company. Premium participated in the Silver Summet, a conference/trade show in Spokan last week. Then I expect they went dirctly to Toronto to a Cambridge House trade show. Most of the key people would have been out of the office for almost week and would be returning today or Tuesday.
Second, there is no sure bet timeline for PPs. Sometimes, when they involve few persons and the money is in North America the PP close quickly. If the money is from offshore or they are many smaller investors, these PPs take longer to fill. I expect that this private placement was to include may smaller investors. Getting the cheques from them requires a bit more effort. the larger investors would have been in place early.
PEM had to improve the terms of the last PP after the first month and it took almost three months to complete. But when things came together, it came together all at once and the PP was oversubscribed.
I do not know what will happen with this PP.
We do know that the 10 cent shares from the last PP will be free trading shortly.
