Sounds right except remember that there is a July 1 deadline for having a total of $5 million raised to match the credit facility and the definitive agreements in place and outlined in the information circular issued.

There is another possibility that we should also consider. What if there is another tranche after the news is out that is fixed at a higher price and available only to institutional investors who want to know who the buyer is?

In other words forget about the $2.5 million balance available from the credit facility after meeting the above requirements and go with a higher priced debenture to reach the target funding.

There are a number of possibilities and hopefully all insiders and shareholders who were able to access the debenture have done so. Let the funds take the higher cost which if they are presented with the details they may well be a willing participant and just maybe will fight over the opportunity to get in on a higher priced debenture?

Time to head out. Have a good one.