why i am shorting linc, page-5

Bigal,
Can you explain how you get to $200m as at 30 June? I'm seeing $120m cash, $547m debt which is all fully drawn. Are you including the Alaskan rebate facility of $27.5m and the borrowing base increase of $44m?
If so that means that their debt would increase to ~$625m by the end of Q3 (assuming a 90c FX rate and assuming no debt is paid down which is likely given that cashflow is negative) which makes me even more concerned about the state of the company balance sheet.