Probably thought that the environment for raising funds was so terrible that they had to make the offer look attractive in order to attract funds. They might not fill a $4 million PP if they issued at .80-$1 since they only had a couple of drill holes to show, and it would look extremely bad if they failed to finish a PP. This is probably the best they can do given the current market conditions.

Not that I like to see my shares go down, however I'll take a PP at 0.65 cents than a PP issuing millions of shares at say a dime or nickel. Novo's going to need cash to prove this project up unfortunately so we should be prepared for more of these PP's in the future.