Mothballed, page-23

I agree the situation was clouded by company misinformation. In my opinion the critical timeline is as follows:
1st May ann of debt facility
11th May ann stating key conditions of loan including:
no deterioration in market conditions or the financial position of the Company, commissioning of existing plant and securing customer sales sufficient to repay each facility.
Then months of rubbish from the company including directors buying shares/ resource quality / production increases and the deceptive anns regarding the bridging loans. Here is a beauty from 5th October
Processed graphite above 95.5% purity has been transported from site to Valence Industries’ warehouse in
Adelaide.
How much was transported? a couple of tonnes?
All that appears to have been designed to smokescreen the appalling truth that they could not satisfy the debt facility condition (above). And of course their financial situation was steadily in decline throughout - another breach of debt facility conditions.
Interesting that they entered a debt facility agreement and accepted conditions that they surely knew they could not meet. Was that designed to deceive the market? There are numerous anns that do not seem credible now we have more information.
21st Sept Achieved plant capacity of 20 tonnes per hour (tph) feed-in rate with continuous operation over weekly operating periods still required
5th October First draw down of up to US$20m expected under Initial Facility' (). I think it most unlikely that they expected to draw on the Facility at that stage.
There are many dubious statements that the company appears to have made and which, even if literally true, smokescreen the more important information that the company was rapidly heading for insolvency.
Well worth following up with the ASX.