Ann: Options Underwriting, page-33

I am just going to leave this post here - Post #: 36911125 - and highlight the following in the post, but the post itself comments on the implications of the 2022 production start date:

"What VA needs to do in the now in the next month is get a plan in place around what is required to get to market by end 2020, full stop.  He also needs to work out who he should be giving any of the options not exercised to, and that should be given an entity who will ultimately be a buyer of vanadium IMO."

Personally, I find the placement disappointing. 

What would have been better was targeting a strategic buyer who ultimately would be likely to be one of the customers you would be wanting to get an Offtake with (i.e. WinWin or a company of similar ilk).  I see this as a missed opportunity.   In due course as price goes up I am expecting a 'dump' unless the insto is holding the shares for some other strategic player. 

The only excuse VA would have is that he didn't expect the SP to fall to this level and never thought that so many options would be left 'unexercised' and therefore ran out of time in finding a new strategic player (given as a first step you would have asked Win Win whether they wanted them, so the fact WinWin has not wanted them tells me they are yet to commit to AVL given AVL's production timeline of 2022 which IMO doesn't match WinWin's own needs which are stated to be late 2020 under their own stage 2 development - just refer to this Ann when WinWin came on board btw page 4.  WinWin Ann in this Post #: 33944988

All IMO