trading halt, page-18

It's 15% of total shares but I do not know what the position is regarding the unplaced shares from the IPO maximum amount - does any one know the answer. If the unsold IPO shares are wiped off then VXL has 166.2m shares outstanding and they can place nearly 25m shares without shareholder approval. I would have thought these should be placed without VXLO options attached and would hope they get about 25c a share. This would net $6.23m which would be handy in allowing them to advance Phase 2. They then need to be sure of offtake and debt finance of $28m.

The 15% placement limit needs to be approved by the shareholders at an EGM or AGM. I am unhappy with placements as they dilute retail shareholders and would only approve a reset if the company also has an SPP at the placement price which allows me to remain undiluted.