Ann: EN1 Q3 2019 Appendix 4C & Commentary, page-18

Debt is currently at $6.1m. The $46m is the facility at their disposal, over a number of tranches. Each tranche will be subject to meeting criteria set by the lender. 'Proof of the business model' is implicitly baked into the criteria for releasing tranches. No matter how you spin it....the facility is a good thing. The test will be how it is deployed and whether it delivers the revenue boost (in time) that it is predicated on.