Mates., page-46

I would suggest when the agreement was struck in May , CTR expected to make repayments in cash . Cash is not available due to blowout in expenditure , delay in bringing A5 into production and I would expect deferment or inability to complete CR . As per the Ann in May a min $5m CR was contemplated upon which lenders were to be repaid.

So I suspect CTR went to the lenders or lender and said we can't meet our obligations either take some shares for now , buying them more time , or we default and you will never get your $2m back. What would you do ? Take shares and hope they get out the mess and pay your money back .

DM previous posted CR is coming and he got his fill - not sure whether the CR is near once target funds are reached , went off the rails due to SP decline or DM not being totally truthful ? Only he can respond .