See where you are coming from but if those shares were to go to the parties the ASX is concerned with shareholder approval is required first. At the time of the AGM, SH were not aware of the specifics of the ASX investigation (and the other issue is who voted on the resolution) so suspect if the shares are proposed for the affiliated parties a SH vote is required. This is the important paragraph in italics IMO from the announcement:
"GivenASX’s ruling under ASX Listing Rule 10.11.2, if the securities of VIC are reinstatedto trading, for so long as ASX considers the Blumenthal Parties to fall within ASXListing Rule 10.11.2, any future issue of equity securities by VIC to aBlumenthal Party will require the approval of VIC’s ordinary shareholders underand in accordance with ASX Listing Rule 10.11 and the Blumenthal Parties and theirassociates will be excluded from voting on the resolutions to approve suchissues."
Having said the above at a 20% discount (0.4 cents per share) the proceeds from 750 million shares is $3 million. For $1 million you can drill roughly 1,500 metres diamond drilling, 3000 metres RC (all inclusive costs including assaying etc) so very sceptical of this raise unless they are planning to pepper the targets with an extensive first up drilling program.
For drill cost info refer http://detcrc.com.au/2014/breakthrough-technology-will-cut-mineral-exploration-drilling-costs-by-85/
and https://goldexplorers.wordpress.com/2010/11/27/drill-speed-and-drill-types/
Now in italics below is what they are proposing and IMO that type of drilling campaign costs a lot less than $3 million, so I would be asking them questions round why $3 million, how many holes are going to be drilled and at what depth as well by the way to get an understanding of proposed total metres drilled.So what are they actually using the money for - wages or drilling?
All IMO IMO IMO IMO IMO
"Theobjective of the first phase of the drilling campaign is to commence with threeAC/RC bore - holes in the Malamute project first and follow up with one AC/RCbore - holes in the Husky project. However, the order of the drilling campaign may vary depending on the field results."
