An important consideration is the terms of the debt facility, in...

An important consideration is the terms of the debt facility, in whatever form it might take.

Given the forecast of the cashflow position, business uncertainties (particularly in UK), fact that Alcidion is not making a profit etc, one can reasonably guess that the terms for the duration of the loan (particularly for one that Alcidion is hoping to not having utilised but primarily as an insurance policy) wouldn't be too attractive.

But then, would the cost of that debt facility compare more favourably with the capital raise? Who knows? We are not privy to the discussions held at board level with their advisors. But it is always easier on hindsight.