920m currently on issue, this includes full CR placement and first tranche re: acquisition.
180m remains for the acquisition, but will only be placed when milestones for the company are met, milestones that should add value to the SP.
There are a bit under 90m options that expire 2017, exercise .5c.
All of the new MDs performance shares are fully tied into the SP, the first 10m is tied to a stable 1.5c SP (almost double what it is now).
So yes, considering all of the above you get to about 1.25b shares. But in considering the above you can see that outside of the options (which will still add to the kitty) the rest of the shares are contingent on positive performance of the company, the last of the performance shares go to the MD when/if the SP is at 6c for example.
Are there any other shares to be issued I haven't considered?
Not so sure of the merits of a cash backing calc here, it's a smallcap biotech... each to their own.
VHL Price at posting:
0.8¢ Sentiment: None Disclosure: Held
