new update out, page-10

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.