Ann: $3M SPP to fund Tin-Boron Study and REE exploration in WA, page-49

It is evident the VMS BOD/management read this forum, as the text under the "Use of Funds" in the "Share Purchase Plan Offer Booklet" announcement dated 01/05/23 now reads:

"Use of Funds
The proceeds raised under the Plan willbe used for use the funds for ongoing exploration and to advance metallurgical testwork at the Mount Lindsay Tin-Tungsten Project and to undertake drilling and exploration programs at the Company’s Rare Earth Projects in Western Australia including the Vulcan, Kulin North and Kulin South REE targets and, the Bandy and Brothers REE Projects as well as project generation and general working capital purposes and to pay the expenses of the capital raising."


To circumvent the management from being held accountable for their actions, they have covered themselves by stating the following:

"The above is a statement of current intentions as at the date of this letter. As with any budget, intervening events and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis."


Notice how the word "will" has now been used compared to the initial announcement on 26th March, it read as follows:

"The Company intends to use the funds for ongoing exploration and to advance metallurgical testwork at the Mount Lindsay Tin-Tungsten Project and to undertake drilling and exploration programs at the Company’s Rare Earth Projects in Western Australia including the Vulcan, Kulin North and Kulin South REE targets and the Bandy and Brothers REE Projects as well as project generation and general working capital purposes."

IMO, this is very poor tactics from the BOD/management. I certainly wouldn't trust this management after reading this and comparing the various ASX company announcements. Keywords like "Will" and "Intends" are very important when reading these ASX company announcement as they intepret a very good picture when one is considering risks or derisks in investments!