Ann: Valence Investor Presentation - October 2015, page-9

Raider, no I do not believe so. There were obviously a number of issues identified by the lender during DD that did not meet the pre conditions. Only the insiders will know what these are, but good chance lack of delivery to customers was fairly high on the list. This would have driven a review to establish reasons for lower grade output and other bottlenecks, which seems to have identified the imbalance in the processing facilities. I am only guessing, but seems the initial management responce was to hire more staff rather than look at reasons why the bottleneck was occurring.
Obviously some issues with the plant not achieving the expected high purity levels as well which presumably was identified by the external consultants.
The funders are receiving shares as well as interest, therefore VXL success is more important to them than just beefing up security. Their primary objective is to fund a successful company. The DD process was their opportunity to ensure VXL was structured to succeed.
The October 2015 investor presentation states" Support received from syndicated financiers for revised expansion program, and on page 18, "Key technical DD completed for intial facility up to US$20m."

Also appears VXL might be looking at cheaper funding options for the remaining $20m ..." Alternate funding options will be considered to ensure development plans are not delayed."
Not sure what this means, but suggests to me the delays from initial funders, and probable positive outcome for VXL from changes to processes have de risked the funding required, and allowed VXL too go back to less onerous funding options. I make this observation on the basis we have been advised total facility required is now USD$40m and not the $70m in the original funding plan.
So on balance, while the delays are extremely frustrating, the actual outcome for VXL shareholders may well be much better than would have otherwise been the case if original funders had not undertaken such a rigorous DD process.
So long as the USD$20m facility has already been signed off, and there are indications this has been completed, then any further financing delays at this point should be of little concern to VXL shareholders from a going concern point of view. In fact we should probably view it as a positive.