So if the meeting isn’t called in time and the 60 days elapses Magna doesn’t get issued the balance of their shares and can’t convert. At best they can only covert a measly 405k after 90 days. Right?
Alternative financing with favourable conditions looks likely by then so highly likely Magna gets paid out entirely. Good bye to them and let’s get going, fast tracking is the impression I get. The preferred financing with FT General is still on the table according to the announcement, they were just a bit slow to do it in time. Take note from the EGM on 28Feb approval to issue FT their shares was put forward as a motion and approved. The crappy Magna finance deal was known 3 weeks prior to the EGM yet FT shares to provide financing was still tabled and approved. Big give away there folks!!
IMO the original FT that we all liked and wanted is definitely live and well. It’s probably getting locked in as we speak so don’t go taking too much notice of the spooking going on here. They are just milking the interim period to down ramp as usual, just take note of the posters for future reference
Management have appointed a team for project execution not just for feasibility studies. Plus declared more exploration and of course defining the new massive 25Moz target, I believe mainly from historical data. So expect this to fast track at a rapid rate of knots. They’ve just put out an investor presentation so expect VEC to get a lot of attention particularly with an existing juicy JORC and a monstrous 25Moz target, both with super world class grades
I can tell you one thing those who got spooked and bailed by these micro moments of a speed bump will be kicking themselves within weeks. You get that!
