Totally agree Ferretous - its all about greasing the right palms...

Totally agree Ferretous - its all about greasing the right palms at the right time. I am not against issuing to SI's, its the price at which they were issued that annoys me - On the date that the capital raising was announced the 90 day moving average was at 3.4 cents - so we really issued these shares at an approximate 35% discount to our average price over the past three months. Ridiculous!

So why then was this placement made? Why wouldn't the company have raised the $1.1 million through Truestone at a 15% discount to the daily volume weighted average price (as set out in the terms of their draw down facility) instead of the above 35%?

Its simple - they needed to pay someone back for helping get Bongo over the line. Effectively someone has secured this investment for VIL and has been repaid with a circa 350k commission ($1.1 million * 35% discount - obviously it will be smaller than this as VIL's share price has come off)

The options are a sweetener of the deal as those that got the deal over the line now have a riskless exposure to Bongo and FP. Well played to them.

But you also must ask: why would you pay anyone this kind of money for setting a deal up for you that you didnt know the outcome of? Well, I believe that the directors would know a whole lot more about Bongo than we currently do and as a result know that once drilling begins, all of this will be forgotten.