Ann: Strategic Funding Package, page-62

I've got to say I'm very surprised by the strength on VXR today and I sold my holding. The funding package involves the issue of 230 million new shares at $0.08/share, 115 million options exercisable at $0.135 and 140 million options exercisable at $0.15. If all the options are exercised total funds raised will be $58 million and VXR will have approx. 930 million shares on issue and approx. $65 million is cash (inc cash from existing outstanding options). At current market price $0.35 share, market cap of VXR with 930 million shares issued will be $325 million. Enterprise value will be $325 million less $65 million cash = $260 million. So then the question is 'As of today, is VXR worth $260 million Enterprise value?'

Personally I don't believe so and I would expect selling pressure once the shares and options are issued.

GLTA & DYOR