Good analysis! this has been going on with VRC for a long time. VRC lacks working capital but its chairman somehow gets funds to buy its own shares. So, if you have a deeper look into VRC books majority of VRC shares are held in VRC chairman's associated companies or may be with other other associates who knows?
This is very risky as they will have opportunity to manipulate share price as and when they like. So, they will sell when shares are high and use your money to grab more share capital!
I don't know how VRC is surviving in the first place? If diversification is another trick I don't know
Ann: Gold Project Acquisition and Capital Raising, page-34
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