Im guessing GGP are waiting for 72% of the drill costs before...

Im guessing GGP are waiting for 72% of the drill costs before they start anything and im guessing VIL arent going to come out and say "Hey, so we actually cant afford to drill FP2 without raising x amount of cash which we cant do as we have raised 15% of total shares issues already..."

VIL need a vote to be passed at the AGM so that they can raise more than the 15% threshold CR.

Once passed they have 3 months to release the CR. So realistically speaking within the next 3 months there will be a CR and after this they will start work on FP2.

Its all in the meeting notes, i'll dig them up.

"The Company is now seeking shareholder approval to increase its issued share capital to provide the Company with the flexibility to finance the management of the ongoing geological and geophysical advancements and to participate in exploration costs should it elect to do so.

Approvals Required

ASX Listing Rule 7.1 provides that, subject to certain exceptions, shareholder approval is required for an issue of equity securities within a 12 month period, if the number of those securities exceeds 15% of the company's securities then on issue. The Company is seeking shareholder approval for the issue of 200,000,000 shares. The aggregate number of shares to be issued is in excess of the 15% threshold. Accordingly, the Company wishes to seek shareholder approval to the issue of the 200,000,000 shares the subject of Resolution 3 for the purposes of ASX
Listing Rule 7.1."

It then goes on to state that:

"For the purposes of ASX Listing Rule 7.3, the following information is provided as follows;

(i). The maximum number of shares to be issued pursuant to Resolution 5 is 200,000,000.

(ii). The Company will allot and issue the shares no later than 3 months after the date of the meeting, unless
otherwise extended by way of ASX granting a waiver to the ASX Listing Rules.

(iii). The shares may be allotted progressively. The Company may not necessarily issue all 200,000,000 shares and may issue a lesser number.

(iv). The shares will be issued at a price of no less than 85% of the average market price calculated over the last 5
days on which sales in the shares are recorded before the day on which the issue is agreed, or, if there is a
prospectus relating to the issue, over the 5 days on which sales in the shares are recorded before the date of the
prospectus.

(v). The shares issued will be fully paid ordinary shares in the capital of the Company and will rank equally in all
respects with the Company's existing issued shares.

(vi). As at the date of the Notice, the names of the proposed allottees are not known and the number of shares to be issued to each allottee is not known. The Company intends (but without limitation) to issue the shares to
sophisticated and professional investors who are exempt from the disclosure requirements of Chapter 6D of the
Corporations Act so that any offer of shares will not require a disclosure document. None of the allottees will
be related parties of the Company."

So im taking it this means that it will be another SI CR?

Urgh... im just hoping that by the time they need to do this Bongo and Silverwood will have been re-rated + Bowtie and perhaps Bongo will be put into production using the 700k raised in the last CR. Giving us some +ve cashflow.

Either reducing the amount that needs to be raised via dilution or boosting up the SP a litte so not as much shares need to be sold of to get the necessary funds.