Placement fail

Anyone else notice the slight shortfall here?

This from March 15th:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/15/10) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) is pleased to announce that, subject to all applicable regulatory approvals, it has negotiated a non-brokered private placement of 19,750,000 Units at a price of Canadian $0.60 per Unit for gross proceeds of Canadian $11,850,000. continues here

This from April 22nd:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 04/22/10) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) is pleased to announce that it has been granted an extension by the Toronto Stock Exchange ("TSX") to May 21, 2010, for the final closing of the private placement of units announced on March 15, 2010. The Company has received expressions of interest for the full amount of the offering, and intends to diligently proceed to closing. continues here

This after the bell last Friday, May 21st:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/21/10) - Petaquilla Minerals Ltd. (the "Company") (TSX:PTQ - News)(OTC.BB:PTQMF - News)(Frankfurt:P7Z - News) announces that it has closed its previously announced non-brokered private placement. As an update to its news releases of March 15, 2010, and April 22, 2010, the Company has issued 4,000,080 Units at a price of Canadian $0.50 per Unit, raising gross proceeds of Canadian $2,000,040. continues here

Sooooo....in March Petaquilla (PTQ.to) gave it the bells and whistles to announce it was raising $11.85m. Then in April it told us that things were going swimmingly and the full whack would be placed. Then late last week the placement is closed, the ticket price is dropped from 60c to 50c and the whole process raises $2m, not the $11.85m planned.

We conclude by opining there is a certain suspicion here at IKN nerve centre that this round of financing didn't go quite as well as the company originally planned. DYODD, dude.