Baillieu Valuation of VEC, page-350

From ann. 11-Jan-2019

“Loan documentation executed with FT General Trading LLC for the provision of up to US$35m of debt funding to be used for the acquisition, development and working capital costs associated with the Adidi-Kanga Gold Project (ASX Announcement 17 October 2018)”


If the loan documentation was complete (executed by both parties) then FT General may have found an issue with it? Or maybe FT General didn’t execute their copy?


If both parties executed the loan documents and FT Gen. just ignored the claim for $ then FT Gen. would be leaving themselves wide open to a compensation claim and or litigation.


In my opinion there must be a reasonably serious problem or it could be as simple as a timing error? Missed deadlines?


I also read that the FT Gen. US$35m was to be c. notes.