because Contact Nominees loaned VEC $300k with a fixed interest...

because Contact Nominees loaned VEC $300k with a fixed interest of $120k. Then to repay that loan VEC paid them $325k cash PLUS $306k in shares, being an additional $211k in value paid to the lender, resulting in an effective interest rate of 110.33%!

In order to settle the debt VEC should have given CN 5,277,778 shares to make up the remaining $95k @ 1.8c or at most 6,000,000 shares at 1.8c to build in a small premium for CN not receiving cash.

In any language that is a s$@t deal, unless of course you're Contact Nominees.

I expect the company to do better going forward!!