Ann: Capital Call with LDA, page-221

Hi Stan , below is an email extract from the company , note plan A was to complete the agreement by completing the 9.2M draw down by the 22nd . However there was a plan B possibility , being to negotiate an extension . At this point we have not been informed how much the 9.2M was reduced via the call to sell the 8,750,000 shares that were already being held by LDA . I suspect PVDM took a bullet on behalf of all shareholders by agreeing to pay some $420,000 in fees to LDA to maybe secure the extension and satisfy all parties , however that is just my theory . I am currently attempting to arrange a viewing of the register via Boardroom to gather some facts , so just hold on and we can continue this conversation based upon the factual numbers .

Email extract :

Last year upon completion of the first capital call, we fulfilled our obligations under the original POA. After the first capital call closed in October of 2020, LDA offered to increase the available funding to A$45M and extend the agreement for another year without any additional feeds or options if we agreed to commit to an additional A$10M which we did. The date of that extension was 22 October (see ASX Release dated 26 Oct). As you noted below, we must draw down a total of $9.2M by 22 October to fulfil our obligation so we will need to do one more drawdown or negotiate an extension to the agreement. As of today, we intend to carry through with the original plan.

All in my opinion ……