The first thing to come to mind as a problem for this deal is the Socialistic Dictatorship in Venezuela, which is a legitimate concern.

But, maybe investors had several other reasons to not put their bucks down. Possibly unimpressed by SR management, or the SR track record is not all that great, or not well established, etc.

SR does have some assets, and although the CDN 1M amount is crazy huge to me, it is not all that much to invest in an established outfit. Maybe SR has other reasons that investors find as unappealing.

It seems the article implies that SR could not get past the first step. Had they achieved the first step, one of the following steps would be to get additional finanacing to move forward in getting their acquisition producing.

*** Copied From Minecore Article ***

"... The sale to San Remo was subject to San Remo acquiring a listing on the TSX-V exchange and San Remo using reasonable commercial efforts to raise CDN$1,000,000 in equity financing, with a minimum of CDN$780,000 from a public offering,... "