Hi Darcher,
I completed the very same calculation with the only variable being the amount borrowed. I was slightly more conservative regarding the loan amount and opted for a debt facility of 10,000,000. The reason I calculated using a smaller facility was because Target must prove to the lender it has adequate cash flow to service the debt facility.
At present I think TEX would find it hard to obtain funding for any amount greater than 10 mill.
I think what you have outlined would be a perfect scenario. It prevents additional added dilution other the option conversion which will hold the company in good stead for later aquistions and future development.
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