I would like to touch on your comment - quote : The company is...

I would like to touch on your comment -

quote :<"There is this current theme of purchasing expensive projects "cheap" by allowing the seller to go completely free carry on expenses to production while also committing to issue cash consideration in future, royalties and issuing more shares. This puts all of the risk on the purchaser (VEC) and needs to be considered when valuing the company.">

The company is NOT purchasing the project cheap. It appears to be a sensibly and well structured and thought out earn-in. This again is not dissimilar to any other farm-in where a vendor or JV partner gets a free-carry or share of profits for bringing the opportunity and needing a partner to realise it. It is no different from a Vendor, say being a University, getting a royalty from a drug eventually brought out of trials into commercialisation, and not seeking to or having the ability or want to commercial it solely itself.

It appears, high-level, in this instance it is capped at $60m for their equity earn-in, and out of future profits. I can understand your concern if you think that VEC is having to front $90m cash today to get the deal done - BUT ITS NOT THE CASE.

A major Pharma or Resource major happily pays out these royalties and balloon capped payments to vendors and early stage developers to control the commercial operations and opportunity. Why would they not say pay $60m royalty out for the opportunity of say a $500m gross profit to themselves?? It common M&A and JV activity, and Im surprised you cannot understand this prior to your investing activities.