I'm almost speechless by this CR... Firstly, the price hasn't...

I'm almost speechless by this CR...

Firstly, the price hasn't been set and that's a mistake. Here is the reason why. It's a 20% discount to the VWAP during the 5 days prior to the issue date so until that point you have absolutely no floor in the share price. The SPP price will keep drifting lower as the SP drifts lower.

In my view every shareholder just received an opportunity to sell $15,000 of their holding because there is a strong possibility they will get them back cheaper. And when shareholders start to work that out I suspect the share price will come under pressure. Even if 20 shareholders decide to sell $15,000 the share price would collapse.

Secondly, TM was conspicuously missing as a sub-underwriter. You really have to wonder what is going on there. Why has the CEO not purchased one share in his own company.

Thirdly and importantly, VRC stated that the stage 1 PFS will not be complete until early 2018. In my view that means no potential project funding this year.

And $1.5 million is not enough capital to get to 2018, particularly now that a drilling program is planned. And if the final SPP price ends up being in the low 1 cent range (highly likely) then those options are not likely to get in the money before December.