Ann: Quarterly Cashflow Report, page-49

I don't believe so Lav. The VEC statement is clear, we have debt funding to take us through to the end of DFS, which includes US$5M to Mongbwalu. Once the DFS has been completed the project is worth SIGNIFICANTLY more than what is represented in VEC's current MC, by this time VEC will surely require a further injection of equity in the form of either a CR at a higher SP or further debt financing.

To people who have been here before this is simple, a $20M debt facility WILL be used to take VEC through to the end of DFS due by the end of August. Following this the game has changed, the company will be open to a much greater portfolio of financing options and failing this credit raising with lower dilution as the sp should re-rate.