Ann: Cape Lambert to Execute $15m Funding Facility, page-20

So the AUD$15m finance facility is actually only $14.25m as CFE has to give the 'investor' 5% on each draw down in cash.
Also, the mechanics of the con-notes works like this... when CFE sends a draw down request for $1m:

• CFE get paid $950k;
• the investor gets issued 1,020,408 convertible notes with a par value of $1 (con notes are issued at 98% of par value); and
• the investor can convert at their discretion at 90% of the 'lowest closing VWAP over 12 days prior to the conversion date'.

At the current SP, the potential dilution is 1.177bn shares to be issued to the investor or 53.4% of the company.
I guess at those levels, perhaps the 'investor' would have the numbers to clean out the current board and install some new blood who might be able to deliver a project! (got to look for the positives in these announcements )