Yep. I think that's right Cmon. I would say though, that...

Yep. I think that's right Cmon.

I would say though, that although it can be misleading in some cases, being able to get debt funding, particularly from a decent bank must give credibility to a small cap business plan even if there is risk of fish hooks.

I think back with BCC there was a lot of talk about reserves based lending and then little surprise when the lending came through. Personally I was a big shocked at the time and the terms that were revealed later explained. A real lender will not just look at reserves or any other security. The will want to know with some certainty that the cash flow will be there to service the debt. They don't want to go through a distressed recovery situation. So if AKK can get a fairly standard debt facility, even at high rates, it would be a very good thing to me.

Anyway, it sure beats constantly selling discounted stock to flippers. And most of us are flippers on a bad day!