Ann of 22/1/19 stated Con Note Application was completed and also stated the interim subscription by C2V was in advance of shareholder approval.....
That ann confirmed the $2.5m has been received from C2V and the issue is just a matter of conversion. I don't think the actual conversion tranches were included as part the Con Notes terms (due to exact amounts may change to keep within the rules), however the intention was to convert as much as possible asap. As part of the conversion terms the Company is also obligated to ensure any issued shares comply with section 606 of the Corp act so perhaps CDX has recalculated and purposely reduced the conversion amount to comply?
The initial (proposed) conversion was to take C2V to just under the 20% threshold (section 606) with further conversion in line with 3% creep provisions.
It is certainly not in CDX's interests to drag out the conversion as the Con Notes attract 6% interest. The interest however does not have to be paid and can be capitalised and converted on same terms as face value!!
C2V had initially intended to provide $2.5m as a straight placement into CDX @.03c per share. This placement was a debacle from the start as it was plainly obvious it was not done within listing rules. To enable the investment from C2V we now have this convoluted Con Note strategy which will potentially provide C2V more shares than they initially applied for at the same cost.
As the OP said I am sure there is a simple explanation for the smaller than expected conversion amount as the longer it takes to convert, the more shares will potentially be converted.
Before too many missiles are launched, I am just pointing out the facts as I understand them - If I am wrong happy to be educated. I am also not inferring anything and would appreciate clarification on this issue from the the Company.
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