why has the loan not been repaid yet?, page-3

I agree with your sentiments T4P. I am not happy with the financing decisions made by the company but as a shareholder I have a choice of accepting them and the tremendous opportunity offered by the company or selling out and moving on. For the time being, I have accepted it. Most investors don't keep holding shares so they can vote against resolutions in company meetings, they just ship out. Maybe that's why the share price is where it is today and not in the 20s.

If they are not issuing the shares now to simply keep earning interest on the loan and hence more shares, that is very low. For every month they do not issue the shares, they will need to pay an extra 250,000 shares to pay out the loan. What we have here is a case of conflict of interest between management (namely the two directors who are beneficiaries of the placement) and other shareholders. Of course the directors are acting in self-interest. But like I said, you can either accept it or ship out. C'est la vie.