I suspect that summary is somewhat incorrect as the bridging...

I suspect that summary is somewhat incorrect as the bridging loan was not established until after the end of June, so the loan of $3m would be on top of the $ left at the end of June. Certainly the rest is about right though, it isn't looking great for VXL at present and the SP today is reflecting that. They have made a lot of serious errors, including not engaging expert process engineers earlier, putting on too many staff, and misleading investors of the likely time frames of development, production and sales. If it wasn't for the loan facility it would certainly be back in mothballs for another decade or two until prices improved for graphite and there was another boom. But presumably, given the link between the lender and the VXL board then there must be confidence in the longer term outcome for VXL given that the board would have had all this information a long time ago. So it is now in their hands. Provide the loan and VXL survives, pull the loan and VXL goes back to mothballs. There was certainly no update on the loan facility and the end of September was a critical date for decisions on VXL meeting certain criteria to satisfy the loan. I suspect those criteria won't be met, but will it be revised given the potential to fix production efficiencies by rejigging the plant? Interesting days ahead.