Thanks for those insights @Snake26. I am beginning to understand...

Thanks for those insights @Snake26. I am beginning to understand the role of the options currently being played out.

I am still trying to figure out why Jason Peterson would continue to add and repeatedly participate with his own money over the last 6 years.

If VAL purely exists as vehicle for CPS to pump and exit, with the likes of Tolga and Jason most recently becoming substantial holders, when and where is the exit door for them? As sub holders, generally you wouldn't purposefully acquire >5% at 0.003, just to unload at 0.008 to 0.012? and if you did, you'd have to report to the market anyway.

If it was the true intention to vend in Athabasca projects in order to drive some interest in order to exit. Why hasn't Jason or Tolga done so?

If Tolga really is the catalyst to drive renewed interest into VAL, how does he make his money? I'd like to know.

Surely that is alot of work to do by CPS just to have this stock pumped to a peak of 0.018 (post acq) for only 85m units traded that day on 19 May 2021.

I could understand the theory that Athabasca was purely a vehicle for CPS to unload if all of them purposefully kept their holdings <5% (sub holder notice threshold) and quietly unloaded post acquisition into retail liquidity

However, it does seem highly probable that the seller(s) on Thursday have been unwinding their cheap shares (with presumed cost base of 0.003) and subsequently, the following day have exercised their options with a strike price of 0.008:

https://newswire.iguana2.com/af5f4d73c1a54a33/val.asx/6A1044839/VAL_Strong_Support_from_Shareholders_with_Option_Conversion

if that is the case, their cost base is 0.008 for those 50m shares.

Now, let's take a look at VALOB.

425m options with a strike price of 0.015 expiring 31 Dec 2021. CPS would need to pump the price of VAL to many multiples of 0.015 in order for their clients to exercise and unload. Otherwise they and their clients have their options expire worthless and lose a truck load of money.

VAL who has also engaged CPS as brokers, would also lose $6,375,000 in funding without those options exercised.

Therefore, it is my view that there is much more upside potential than where the stock is at right now.