Just so everyone is aware, and I'm sure that everyone is fully up to speed anyway.
Point 1.6 Underwriting and 2. Proceeds of the Rights issue need to be highlighted.
Any shortfall in the rights issue WILL result in Directors (DP) placing the shortfall at HIS discression, namely family and friendly parties to avoid any possible EGM challenge.
Point 2 is something that really does need highlighting. To quote, "the funds will be used to provide on-going funding for the Company's important projects, possible legal costs associated with the Victorian Supreme Court action by China Railway Resources against the company and to provide working capital."
Firstly, to fund the never ending important projects, diamond exploration anyone? Endless break through announcements in Nickel processing? what next?
Second and most important, The proceeds of the rights issue will be used to defend JRV directors from the mismanagement of YOUR company.
Finally, working capital, read pay me and my families wages.
I still hold, 80% loss or 100%? I could do with a capital loss. Some way of getting it.
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