VEC T50, page-52

Danoz,

This is what I believe not know after talking to several people at the company.

When settlement was due to settle for the purchase of the Adidi mine, for whatever reasons FT was delaying-- saying it was coming but not delivering, this after several assurances from a previous Director it was all fine.
This left the other directors and company with a problem.
As they were now late with settlement and the vendor wanted his funds, these directors and the company needed to find finance fast.

at very short notice there are few choices and the company continued to push FT for settlement but also agreed to horrible credit card finance- Magna- as a backstop.

FT kept delaying and the company needed to settle, so they activated the sheeeet finance.

This enable us the acquire this great asset.

I believe the company will secure suitable finance before the 90 days and get rid of Magna and that is why I continue to Buy and reflect that in my sentiment, and I think you will see a very quick reversal when this happens.

If they don't get refinanced there will be so more pain as this Magna finance is crippling.But if they do and this is an unbelievable asset, nobody will have time to get back in

GLTAH