Here's what I think is going on Koo....decide for yourself whether my tinfoil hat is on too tight.

We know the company raised ~10 million CDN, and we know that's a bandaid, good for a few months at best.  We also know that the company has disclosed being in discussions about replacing or extending the CitiBank loan.  

Those are facts.

My "opinion" is that the Citibank loan represents a significant risk factor that is weighing down the PPS, because if they default then Eastern can walk away with the store.  Its my opinion that the standby letter collaterizing the Citibank loan, that if it were removed that the market would view an investment in RVX as far less risky.

What I think happened is that the company has negotiated, or is negotiating an extension or replacement of the loan....and that the loan has been increased, or is in the process of being increased by an additional $50 million CDN (give or take some small change).  I believe its either been negotiated or that it has been agreed to in principle....like having a pre-approval on a mortgage application.  And I believe Slide #5, that the figure 117.6 was not a simple typo....that it was reflective of this.  

If I'm right, then what we don't know is the details....we don't know whether Eastern extended the standby letter, or if maybe Resverlogix was able to negotiate a replacement loan, one that isn't collateralized by the companies intellectual property.  I suspect its the former, that the Citibank loan has been blended and extended....increased to somewhere around $117.6 million.

But if I'm right it hasn't been disclosed, and I suspect that for some reason the company decided it erred in including the new debt figure at this point, and so they pulled and replaced that slide with the one we see now.