I was once a believe in VOR and had a few million shares back when VOR was hovering around the 7c market. Now a few million shares is worth very little and means nothing when the company starts to talk about issuing 150,000,000 here and 100,000,000 there!
IMO what makes this annoucment a little bit of a joke is this statement:
"Xstrata also retains the right to exercise a back in right on this Area of Interest in the event the Company discovers copper resources which exceed seven hundred and fifty thousand tonnes (750,000t) of contained copper equivalent in JORC measured and indicated categories. This back in right includes repayments to the Company for costs made during the mineral exploration program."
What it basically says is, VOR do all the work please, dilute your company even more in the hope of finding copper and if you do find a huge amount, thank you very much we will reimburse you the $1,000,000 and take back the licence and if you don't, we'll you can keep the worthless licence!
Does anyone else read it this way?
The SP has spoken regarding this annoucment.
I had VORon my watch list hoping things would turn around but they haven't and after that last and recent P&D makes you wonder!
VAL Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
