Ann: Voyager Resources Pursues Key Position in Br, page-21

re: Ann: Voyager Resources Pursues Key Positi... Does anyone know why AVB is being issued 150 million shares in VOR in relation to the acquisition of the project from Vale? What service are AVB providing to be paid the equivalent of $1 million based on 0.7 cents per share? That would be a pretty expensive introduction fee/negotiation fee considering the common management of both companies.

I just realised that Vale owes AVB $1 million in relation to the option over one of the projects.

Up until the 4Q 2012 AVB reported that the Vale payment was still being discussed.

If the shares are issued to AVB, then it gets the equivalent of $1 million in value and VOR spends its cash on exploring the tenement, of which AVB has a free carry equivalent to the amount that Vale was due to pay AVB.

Considering that this is a related party transaction (ie common directors on both companies) and s. 208-209 of the Corporations Act requires shareholder approval for such a transaction (ie, this could not be considered to be arms length (s. 210) or small amount provided (s. 213)), I will be very interested in seeing the justification for the issue of the shares.

I note that there was nothing in the announcement about seeking shareholder approval for the issue of shares, so I would hate for the directors to have made an error regarding dealing with this.

Further, could you infer that the transaction could be construed as a significant change in the activities of VOR. If there was no further activity in Mongolia becuase say the exploartion licence of the key project could niot be extended, then you would have to say yes.

Listing Rule 11.1 requires the company to notify the ASX of the change and potentially seek shareholder approval. I gather that they could argue that this is still a copper exploration project and that the issues around the KM Project are still ongoing, ie has not been abandoned, otherwise they would need to get shareholder approval.

I wonder why there has been no update on the KM Project?