The shortfall of about $14 million came despite the company offering two fully paid ordinary shares in the capital of the company for every 11 held, at an issue price of $0.08 per share.

The company also sought to place 183,147 of the 171.4 million shares under the shortfall of the entitlement offer to existing shareholders.

Of these shortfall shares, 183,147 were issued to existing shareholders on March 21 and will start trading on a normal settlement basis today.

“The company is investigating its options in relation to the remaining 171,229,889 shortfall shares and will release an appropriate announcement when necessary,” the company said.

“Finally, any proceeds from the sale of the entitlements of the ineligible foreign shareholders by the nominee, Argonaut Securities Pty Limited, will be distributed following the issue of the shares on March 21, 2014. The relevant shareholders will be notified of any net proceeds.”