Ann: VRX Launches $3.1m Renounceable Entitlement Offer, page-35

pppppffffttt... dude..... seriously. Name one thing that bruce has said in the last 3 years that has actually come to be...

- offtakes before xmas
- SP will take care of itself
- approvals within weeks
- we are at the pointy end of this
- plenty of money in the bank

as others pointed out, this didn't come out of nowhere. the cash burn was insanely high for a junior, partially acceptable because they were buying stuff in anticipation of approval. However every quarter that the approval didn't arrive it became riskier and riskier to continue the cash burn.....until they needed to raise. Bruces suggestion of approvals by jan/feb carried the last CR.... but when that sailed by and they dropped 1 million in the last quarter it was a waiting game on which came first, a CR or approval. i didn't care, until i saw the raise price and now i jsut feel like i've been screwed.... so i'll hang in there but i ain't happy.

Bruce gambled on approvals coming in and burned through too much cash.... and here we are. Doing a massively discounted raise to keep the lights on..... looking at the breakdown of future spending within the CR doco, it seems Bruce hasn't learnt the lesson. Despite still not having approval for ASN, he's going to burn 38% on muchae WTF Dude! really! 38%!!! ..... sit on your hands and stop spending cash until you have a confirmed future!!!!.

So in answer to your question, we kinda need approvals to come through very soon otherwise we'll be back here next quarter at sub 5c.....