VRC (ASX) Ann: Gold Project Acquisition and Capital Raising

Originally posted by possum2: ↑

Rykster,

""What is relevant, and what legitimately concerns many shareholders, is why this company has had so much difficulty raising the (paltry) $40 million it needs to continue its core business - graphite mining. Yes, right now is a diabolical time for almost any business, but this is not about right now - this is a process that has seen years getting to where it is now - precisely, nowhere.""

It's worth considering that the note offer was officially opened on January 27. What had happened in the past is well documented. Being mucked about by the Tanzanian Govt was extremely frustrating . One could probably blame Management for trusting those in Tanzania who gave them every indication that this would be a mere formality. But to lay blame at the feet of those who were told untruths is probably a bit harsh.

So on the back of that disappointment Management finally made the decision to go the way of the Mauritian Note . Could the C Virus have come at a worse time. I wouldn't have thought so. Finally VRC had been given the approval from the Mauritius Exchange and here we found ourselves in the midst of a global Pandemic . Investors who had given every indication that they were ready to come forward were suddenly confronted with an unusual set of circumstances that no one had ever witnessed. The world was suddenly turned upside down. Not knowing how long this would last. There is still plenty of interest out there, but it's fair to say there has been a more cautious approach adopted. All very understandable given the current circumstances.
Timing is everything and I think it's fair to say VRC have been pretty unlucky to have this Virus thrown at them at exactly the same time as they got the go ahead to proceed with the Note Offer. But to managements credit they have continued to have discussions with various parties and in the meantime they have looked for other opportunities whilst waiting for those to decide how much they wish to invest .

It's been an interesting ride to say the least. One that is far from over in my opinion. If I thought any different I would not be posting this now with a substantial holding. It's been a very similar situation to my involvement with KRR . Watching them go all the way down to half a cent because of circumstances and then watching them go all the way back to 19c. I made one mistake with KRR. I bought quite a bit of stock under 1c but I should have bought plenty more. They were there to be had . Those that sold because of panic would not have been happy. Not often does one get 30 times your money in just a matter of months.

I have however been taking advantage of the VRC share price being at these levels. I have posted in the past on numerous occasions that I have been a buyer. It's no secret.

Have a good weekend all.

Expand

spot on possum2 The tanzanian govt mucked them around for ages and the company being cash strapped was always hopeful that the tanzanian govt would deliver but didnt . They should have pursued maurituis bond issue earlier , if they had we may have been funded already.

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Last 0.4¢		Change -0.001(20.0%)		Mkt cap ! $16.63M

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0.4¢	0.5¢	0.4¢	$4.207K	918.6K

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