Ann: VEN: Odin-1 Operations Update, page-29

I can't see MEL not having an equity component. VEN is in a good position in that they've got cash at bank, which on paper would make attaining finance simpler. The multi million dollar question is whether MEL can (or want to) piggyback off VEN's debt deal (if secured). I think MEL would need to raise working capital regardless - with Cervantes being the elephant in the room...debt funding exploration...not going to happen. The other complicating factor is the BYE debt deal. On paper that should push their shareprice up, which would increase the MEL stake and change the funding equation...but that's a 'how long is a piece of string' issue as far as timing goes.