Hi Jaded,
I think there are 2 loans, $1M from the Livelynk vendor (Zhenya) and $1.2M from LTX
The 1st loan.
p18 of the Notice of AGM 24/10/14 from LTX quotes the first agreement already in place which I think was to be converted into shares: an amount of up to $1,000,000 loaned or to be loaned by the Livelynk Vendor to Mpire to provide working capital funding during the period from 1 June 2014 to completion of the Proposed Transaction (Working Capital Loan) will be repaid in full by the Company in cash from the Capital Raising,
This loan corresponds with the MCMG and which was flagged on 26th March in point 4.
The 2nd loan.
The same p18 quotes the new loan from LTX that was about to be issued On 9 July 2014 the Company and Livelynk entered into the Loan Agreement under which the Company agreed to make available up to $1,200,000 to Livelynk under a loan facility
This loan is extended by LTX in its 19/3/15 annc and is accounted for by FOT seperate to the MCMG conversion on prospectus page 23 Repayment of funds owing to Livelynk Secured Creditor $1,370,000
So after the CR, LTX should be paid off and out of the picture and the Livelynk Vendor (Zhenya) will get 4M shares and a nice kicker of 6.5M options. NB the options are at 50c exp 3y.
That's my take on it. Hope it answers your q's.
FOT Price at posting:
35.0¢ Sentiment: Buy Disclosure: Held