Baillieu Valuation of VEC, page-543

There’s more to worry about than just Magna

According to the half yearly there are
Magna = us$3.5M
Riverfort = us$2.2M
Temorex = us$250K
Total notes = US$5.725M”
All on the same terms.

Quote - “The US$5 Million payment was financed by the issue of convertible notes totalling US$5.7 million as disclosed in note 1 of the half year Financial Report.”

Quote 07-03-2019 - A bit contradictory?
”This alternative funding was secured through a US$4.75m facility (“MEF/Riverfort Facility”) with MEF I, L.P and Riverfort Global Opportunities PCC Ltd (together the “Investors”) and has now been received.

An additional US$0.25m was also obtained by the Company under the same terms via an unrelated shareholder of the Company, Temorex Pty Ltd.”

The above total = us$5M
As per 6 monthly there is US$5.7m in notes.