Re: “So if the meeting isn’t called in time and the 60 days...

Re: “So if the meeting isn’t called in time and the 60 days elapses Magna doesn’t get issued the balance of their shares and can’t convert. At best they can only covert a measly 405k after 90 days. Right?”

No, not correct.

Quote from the acquisition ann. 07-Mar-2019

“.......At the time of executing the convertible note facility, the Company had 407,973 shares remaining under its 15% placement capacity and thus the convertible note currently provides for the Investors to convert a maximum of 407,973 conversion shares,

((The important bit))
until the Company seeks shareholder approval for the facility which must be done within the next 60 days.”


“Provided shareholder approval is obtained, the Company will re-issue the convertible notes based on the approval sought from shareholders and a new maximum number of shares that can be converted will apply based on the shareholder approval that will be sought. ((It’s a worry, the lower the SP the more shares Magna stand to get, if or when shareholder approval is received))


((The important and more worrying bit)) If shareholder approval is not obtained the Company will be required to repay outstanding amounts within 5 business days. (($4.75m))

What have VEC offered as security? It is in Magna’s favor.

It’s all in appendix 2 Other than the exact security.