Weapons maker Metal Storm Ltd
(ASX:MST) still hasn’t received the first funds promised as part of Assure Fast Holdings US$35million investment in the company.
The first tranche of $2.1 million was initially scheduled for November 3 but was extended until yesterday evening, however as yet the company has not received the money.
Metal Storm says its board is sensitive to the continuing delays and yesterday sought a detailed explanation as to why the bank processing the first tranche funds appears to be unreasonably delayed.
Assure has verbally advised the company that it has been made aware that there is a defect in a bank transmission document for the receiving bank and has sought to have that document reissued by the originating bank.
The company says it has reduced its day to day expenditure to remain solvent for as long as possible to allow as much time as possible for this funding to be received.
Metal Storm has posted net losses in the last five years.
