its mjp2 who did the maths ahead of me. the entitlement is so limited in scope that it was impossible to actually be filled by existing holders, when you accound for foreign investors etc.... as the $ required and the shares outstanding are exactly 13-1 ratio. In effect, this was a stitch up to pass 44m shares to whoever is backing canacord.... only they realised they had the upper hand and changed terms right at the last minute and chopped 20% off the price.
that 44m shares will bring them on as a 7% owner of the company for a total investment of 2.6m dollars, with enough options to tick them into the 9% maybe even 10%.... maths too hard for me atm.
is it legal? well yes, we have been offered an opportunity to participate. Is it feasible that anyone will or could to that scale..... very unlikely and only chump change if they did. Ethical? definitely not.....
Seems someone is coming, which suggests faith and the SP murder is all part of it. F**king sketchy, but if true it provides some hope.
VRX Price at posting:
5.4¢ Sentiment: Hold Disclosure: Held
