The reason that the company isn't proceeding with the LIFE offering at the moment is that the rules for LIFE offerings would have made that impossible.

The maximum that can be raised through a LIFE offering is $10 million CAD over a 12-month period, and the amount raised must be sufficient to meet all the company's liquidity needs for the next 12 months.

Given POET's small cash balance, the LIFE offering that they had intended would have been disallowed.