Already answered by Reach4, but just filling in some detail on the options.
Each shareholder can subscribe for 1 new VXR share for each 7 VXR shares they own as of the record date of May 20th at $0.08 per share.
For every two shares acquired, the holder will receive 1 option to purchase new securities with an exercise price of $0.135 and 2 year expiry. The options are at no additional cost.
The offer closes on June 7th and the shares will be issued 8th June.
Over subscription is not allowed. There are sufficient new shares being made available that no scale back is necessary.
Mr NST.ax/Bill Beament's Other Baby, page-341
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