Certainly no support at even this low price, which surprised me....

Certainly no support at even this low price, which surprised me. Clearly the market knows a lot more than I do about the financing of this and has decided that the deal is not that great, and that perhaps VXL are trying to go too far and too fast without an existing track record. I suspect unless they have a substantial announcement in the next week or so to allay fears then the rights issue will fail, and maybe the loan facility along with it. In some ways that might not be a bad thing in that I've always been keen on them getting phase 1 to a profitable and proven stage first before going to the next step. That takes away a lot of uncertainty. But at the current cash burn rate, they still need a rights issue or another placement to cover costs until that happens unless they can make forward sales. That could be tricky if the SP continues to fall. It is looking like a rocky week or two ahead, buy fingers crossed for a positive and informative announcement to back up the prospectus that is supposed to be issued today. Failing that it should be a good buying opportunity on the market if Phase 1 is still on track for nameplate production by Q3.