Hmm more so, if you're going to take on $22M debt/issue shares...

Hmm more so, if you're going to take on $22M debt/issue shares post DFS without showing quality or confidence in the asset is DFS worthy via newsflow or sorting conditions precedent then market might not be as happy. Its all lofty right now, they need to lock the debt facility in first get rid of CR fear. Then show the asset is worth taking on the $22M debt. I'm providing all the breathing space and patience to management I can.
Could be multiple other reasons, I just try do my best research to cover all areas in my control. Sometimes I'm right, sometimes I'm wrong.
Remember majority of payments will be from AKR not liable to VEC. So roughly 70-80% of payments happen after production from AKR. Other than CAPEX to get off the ground $32M liability to VEC.

Also one more quick error my market cap and EV calculation is for 1.6cents not 1.4cents.

Anyways I'm hopping off. Hope everyone has a good day. Goodluck