Ann: Trading Halt, page-32

Does the first possibility mean the VES is a show stopper?

Given that they went to London for capital raising networking, and that the investment is coming out of the U.S. I would hazard a guess that it isn't predominantly friends and family, although there are always pigs in the trough. $20M is a good raise, gives us plenty of runway and would come with the expected due diligence that the resource has potential. Perhaps the VES results are better than expected.