Okay, on a more serious note, heres a few questions re this...

Okay, on a more serious note, heres a few questions re this issue:

a) Why do shareholders have no guarantees that they will actually get an FP well completed with this money? Management indicate that they intend to hand over $350k to ADX for cost overruns and they suggest they will sink $150k in fees etc just to do the CR (more than half of that goes to Mr Lee and the other underwriters). Thats half a mil down the tube before the money is even raised. Not only this but they reserve the right to spend the money elsewhere if they so desire, ie "The Board reserves the right to alter the way funds are applied on this basis".

b) Did anybody see this $350k cost overrun as a liability in the company's recent financial report or annual report released a week ago? Thats a big amount given the company is next to broke. My calculations based on what I saw in the report suggested that the company probably had about $335k after current liabilities were taken into consideration. But this $350k liability wasn't included as far as I could see. So what exactly was and is the company's real financial position given this revelation? Do the liabilities currently exceed the cash?

c) Is there not a conflict of interest in a director being an underwriter to the offer? The doc indicates that Mr Lee doesn't intent to keep all of the shares, ie he intends to offload them onto others. This isn't unusual for an underwriter but like all underwriters he presumably desires to make a profit on the deal which usually involves the market price for the securities staying up such that they can be unloaded, and more importantly that the subscribers can't actually buy them cheaper elsehwere. So does this not create a situation whereby somebody who is in a position to influence the share price, ie a director of the company, is actually a dealer in its securities? How is this not a conflict of interest?

d) If as a paid director of the company Mr Lee is already aware of or in contract with investors interested in buying VIL securities why is the company entering into an underwriting agreement with Mr Lee as a middleman with him taking a 6% fee rather than him arranging for a direct placement between said investors and the company with which he is a director? Surely if offloading the securities is his stated intent then he already has some idea who he will be offloading them to?

All just questions that are running around in my head when I read this doc. My thoughts and opinions only. I hope FP is a success and have waited years to see the outcome. In fact I just hope there is an FP#2 for everybodys sake. At least then all that have lost so much will have closure on this horrible ordeal. I hope that my fears here are unfounded.