Fang, good point. That could be the out.
US$7.5m advanced via 5 notes, drip feed at US$375k per month, over 20 months from Dec 2009 to July 2011. So a new note activated every 4 months. The third one will be about to be activated (or not).
The company announcement back on 11 Dec states Redbank has entered into an agreement ""for up to" 5 convertible note at US $1.5m each. I am a little wary of company covering explanations, but it seems reasonable that they arent oblidged to draw the lot.
The contract definitely states LJ is allowed to terminate the Securities Purchase Agreement under a couple of conditions. Nothing specific in my notes re Redbanks rights, but I reckon you might be right.
convertible note, page-7
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