April 27"further placement to Monash Capital Group Pty Ltd to...

April 27

"further placement to Monash Capital Group Pty Ltd to secure $4.0 million to accelerate completion of the Design for Tender and provide working capital funding to the end of 2012 - early 2013"

Since then ECT have raised $700k + ~$900k + $500k = $2.1m

ECT are a long way down the track for funding the DFT already.
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pago...

"What is the worst that can happen,esi need to find another csi."

"Mr Neil Youren states, “We are naturally frustrated by the delays experienced in finalising our funding package. However, we reiterate our commitment to ECT and our written offer of 18 July 2012 to subscribe for up to 300 million Fully Paid Ordinary Shares (ESI) at $0.02 and 300 million Listed Options (ESIO) ”

Deal lapsed today. Monash could easily have walked away and say/pay nothing. Sayonara. Finito.

Instead Monash have paid ECT $500k cash and made the above ASX ann statement confirming Monash would pay a 50% premium...$6m at 2c.

The above statement is consistent with Neil's strong committment a week ago.

There are obviously complications happening here - but its clear Monash are serious.

As usual it comes down to whether folks reckon post Aug 2011 ECT Board - Neil Youren/Monash - Parry Agius/IMFA are the real deal.

IMO its not a matter of IF...but rather WHEN Monash come good. In the meantime that DFT keeps a rollin down the line...

tick tock...