It would seem ELM's commitment to supporting CTO does NOT extend to providing the funds as specified under the agreement.
Event/Tranche Dates
Execute Bond Subscription Agreement 8 April 2013 ....PASS
Tranche 1 - $3 million 16 April 2013 .................PASS
Shareholders meeting 8 July 2013......................PASS
Tranche 2 - $7 million Conditions Precedent date
+5 Business days..............................DELAYED PASS
Tranche 3 - $15 million 8 October 2013................FAILED
Tranche 4 - $15 million 8 January 2014................FAILED
Tranche 5 - $15 million 8 April 2014..................FAIL ?
Tranche 6 - $15 million 8 July 2014...................?????
Tranche 7 - $15 million 8 October 2014................?????
Tranche 8 - $15 million 8 January 2015................?????
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