sellers at 0.38, page-18

It is an interesting point and it has seen me try and work my way through the documents associated with the Secured Convertible Note Agreement. To be frank I got bored, and then found I was looking in the wrong place.
They have a US$106 Con Note agreement and a US$95M loan with two German Banks.
However of interest is their announcement of 17 April 2008 where the 3rd point refers to the drawdown of the Senior Facility Agreement having what is described as a customary condition being “Completion of sales contracts, which are substantially advanced”. The last report that I read they have concluded sales contracts for 75% of their material. Probably they will get the balance, but as nearly 48% is Cerium, which is one of the RE materials that is stockpiled regularly, it is possible they are struggling. Having said that someone will probably sign up just to ensure they get across the line – or alternatively they will need an additional capital raise - or run out of money.
Like all of these things, it is tucked away, and with companies like this it is always what they don’t tell you, not what they do.