They are on there fourth and final conversion note
VLA will need to source funding elsewhere
"24th June 2011, Sydney: Viralytics Limited (ASX:VLA, OTC: VRACY) advises that La Jolla Cove Investors, Inc (LJCI) have advised that they wish to immediately convert US$211,000 of funds previously advanced under the convertible note facility into 3,412,969 fully paid ordinary shares. This conversion leaves a balance of US$100,962 of funds that have been advanced under the facility but have not yet been either converted to shares or repaid. The outstanding amount that can be drawn down under the fourth and final convertible note is US$350,000. An Appendix 3B in relation to the above is attached."
VLA Price at posting:
71.0¢ Sentiment: Buy Disclosure: Held
