My view has remained that the Entitlement Offer was used...

My view has remained that the Entitlement Offer was used primarily to reward long time shareholders. The facts are pretty clear :

1) Every shareholder had a pro-rata opportunity to participate in the CR.

2) Every shareholder had an opportunity (now with the benefit of hindsight) to obtain as many additional shares as they wanted in the shortfall.

3) There was a clear deadline to accept the offer and no extension of the deadline was made by the company. Such extensions are not at all unusual. This indicates to me that the company is not desperate for the funds right now as they believe they have better funding opportunities in the future.

4) The results of the CR were advised to us on the date specified in the Prospectus. The information was complete and included both the number of shares taken up via rights and those picked up in the shortfall.

5) The “Change in Substantial Shareholder” notification by Venus Metals was released immediately.

6) The Appendix 3Ys for the Directors were advised immediately.

From a compliance point of view, it appears to me that RXL has ticked all the boxes. What is missing?

RR has made repeated comments about the PFS dropping in June and the scale of the plant increasing Vs the Scoping Study. That suggests a very positive PFS.

I was badly burned by being reluctant to acquire more Cannon Resources shares during the IPO due to negative comments on this site. I only acquired $20k worth of shares and not only made a profit on immediate sale of those shares but also made a $5k profit on exercising the options. I shudder at how much money I would have made if I used my intellect and put a truck load of money into that IPO. This CR has a similar feel to it as it is intellectually a no brainer.