"At time of signing, $3.645m is owed by the company to C2V under the Convertible Note Facility. So, doesn’t this reduce the limit amount to “up to” $3.855m?"
No. From the Annual Report:
"C2 Ventures Pty Ltd, a Company jointly owned by Directors Mr Niall Cairns and Mr Craig Cooper, has entered into a funding agreement with CardieX to provide total capital of A$7,500,000, including a A$1.5m facility limit to be received during the December 2023 quarter, followed by a further A$6m facility limit to be provided during the 2024 calendar year."
Also, the table in the Funding announcement says $1.5m for each of the first two quarters of next year, then $3m for the last half of next year.
