Toot Toot, page-67

Dear fellow Venturians

I would like to bring us back on topic here. The doomsayers keep talking about another credit raising. At current prices they would have to issue approx 75 million shares at .0275c 9 discounted) to raise $2million which equates to almost 10% of the issued capital of the Company. Why would AR want to do that?

The first shipment of IO at current prices would result in $50 per tonne profit approx therefore on a 45,000 ton shipment the profit is $2.2million less costs. My understanding is there is approx $1.2 million dollars net out of a shipment.

When I last spoke with AR he said that he had 3 shipping brokers chasing him for the business because there are ships sailing around the world empty and depending on who is going through Bass straight at the time depends on the price and there are deals within deals being done.

Based on this it makes a hell of lot more sense to borrow the funds needed to fund the digging than issue more shares. I would love to hear the thoughts of the true believers as to my thoughts. My figures are just based on previous reported.

I would be surprised to see any price with a two in front of it again but who knows in this Covid world. I am not up ramping this stock but those who have followed me know that i have been positive on VMS since 2009. For the record I have 7,500,000 shares ( average $0.0261) in the Company so I am very invested My first shares were purchased at $0.48 cents and I have bought and sold to average down. I don't care if you have 1 share or you are a top ten shareholder, lets just talk about the positives because it, in my opinion, is onwards and upwards from here.