Baillieu Valuation of VEC, page-181

146,555,556 million shares - Soph - CR for funding Maniema progress
10,000,000 - Media Natural - A-K acquisition
42,396,834 - Medea Future - A-K acquisition
15,000,000 - Pelesa and Accociates - A-K acquisition
105,450,000 -various advisers etc : ) - A-K acquisition
23,944,444 - debt. - settle funding for company activities

Where's the red flags in that lot??

Most of it was shares issued in lieu of cash to fund the acquisition of A-K, with a 3.2Moz JORC resource, 25Moz exploration target, plenty of equipment, 173.2km of drilling done by Anglo Gold Ashanti. Looks like shares well issued in my view.

What was the alternative to issuing the shares to these people rastes?? let me guess issuing shares to someone else in a CR to raise the cash to pay it out again??