Ann: Notice to set Arena Investors statutory demand aside, page-64

Here's the killer bit from the report posted on the Arena web page 

"As at August 1, 2018, Arena held $2.5 million of convertible notes in Mustang, of which $1 million is in tranche I notes issued in January 2018 with an 18-month term and $1.5 million is in Tranche IIA notes issued in July 2018, also with an 18-month term.

At the end of these terms, Mustang has the option to repay these convertible notes in cash or in shares at their election.

Prior to expiry Arena is able to convert its notes to shares at the higher of the floor price of 1.6 cents and 1.8 cents respectively or the lowest preceding 20-day VWAP." So the money is due in 2019 and 2020 and can be paid for with "worthless" NXE script.