Ann: Premium Strategic Placement and Offtake MOU, page-56

I think Clearasmud is right. VR8 was running very low on cash and needed money (so dilution was going to happen one way or another) and this Chinese company was very much awake and offered to supply the needed cash at a significant premium.

Unless management had a strong bias towards these guys (I very much doubt it) apparently no one else was ready to step up, or if their where at a less attractive deal.... At the end of the day money talks and b*llsh*t walks.

This is (unfortunately IMO) a recurring theme....Despite all the talk in the West of becoming less dependent on China when push comes to shove in early stage mining projects they simply don't step up with the cash.