Ann: Trading Halt, page-75

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TopGun1

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12/11/22

09:01

Post #: 64731928
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Originally posted by Tremeer ↑

Good morning Possum

Whilst I await your reply to my previous email; I have reposted it below with my typos corrected and a few extra points added.

Regards.

****************************************************************************************

Thanks for your eloquent reply Possum.

I think what has most LT shareholders upset about this Cap Raise is simply the timing and poor execution of the CR.
Everyone knew a CR was coming and was needed....

However why do you think VRC waited until the SP had plunged to 1.9c before calling a Trading Halt and a CR?
Why did VRC not call a Trading Halt for the CR when the SP was comfortably circa 3c?

I am interested in your thoughts on this.

You stated "nothing has changed for you".
I disagree that nothing has changed with this CR...

If say $10M was raised with this CR at say the prevailing 3c SP...the dilution would be an extra 333M shares.

Now if $10M is raised (as has been discussed by Peak Asset Management who are conducting the Raise) at the CR price of 1.9c...the dilution is 526M shares .
Then in addition to the 526M shares, there is an additional 526M shares created if all of the options are exercised....and one assumes this is a given as the strike price is only 2.4c.

So at $10m CR at 1.9c a share plus the exercised 2.4c options; there will be over an additional 1BN VRC shares created on top of the 3.3BN VRC shares currently circulating.
This is significant and unnecessary dilution if the CR was undertaken around 3c...which it could have easily been done at the prevailing SP early last week.

You can bet a significant number of these additional 1BN shares will not be in 'safe' hands ands therefore will be traded...therefore putting more downward pressure on the SP....as been evidenced in most VRC Cap raises to date.

And I dare say if history is any guide; there will be another VRC CR along these same lines in the next 6-9 months....

So even though significant funding is desperately needed by VRC...the actual execution of the CR at a price of 1.9c is why many LT shareholders are upset.
The Trading Halt and CR could have been done and should have been done earlier last week when the SP was in the early 3c's.
It is not as if VRC management and the Market did not know early last week that additional funds were urgently needed.

VRC.... as other Posters have raised...have still not updated the Market as to what if any revenue is currently being generated by the ZG mine and whether any of these funds could have reduced the size of the CR.

There are lots of genuine questions that need genuine answers from VRC....
I look forward to your response and thoughts Possum.

Expand

I have to agree with you. I don't understand why a CR has been done at 1.8c, when it could have easily been done at 2.5c.

2 months leading up to the announcements the VWAP was around 2.6c.

Its very disappointing and only management can answer that question!!

VRC Price at posting: 1.9¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 0.4¢		Change -0.001(12.5%)		Mkt cap ! $14.55M

Open	High	Low	Value	Volume
0.4¢	0.4¢	0.4¢	$1.375K	377.7K

Buyers (Bids)

No.	Vol.	Price($)
44	35095312	0.3¢

Sellers (Offers)

Price($)	Vol.	No.
0.4¢	6512305	12

View Market Depth

No.	Vol.	Price($)
44	35095312	0.003
15	18925371	0.002
7	17150001	0.001
0	0	0.000
0	0	0.000

Price($)	Vol.	No.
0.004	6512305	12
0.005	19816805	22
0.006	6693309	10
0.007	5360001	3
0.008	1790644	5

Last trade - 14.47pm 19/11/2024 (20 minute delay)

VRC (ASX) Chart

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