Baillieu Valuation of VEC, page-295

Yeah that could very well be the case, also no further mention of Temorex whom apparently provided $0.25 mil on the same terms as per the original announcement.

As with all VEC announcements recently what they announce raises more questions then answers... wouldn't encourage me as a financier to lend money on decent terms.

Would love to know what their cash position is right now... my guess is after that $2.6 mil raise cash is sitting around $1-$1.5 mil already.