that's what i am saying though,, Your estimated targets, basing on share prices,, equity financing is no different.. You can have a loan on shares for 25 cents, and like a stock when the share prices rises your position rises too.. those 25 cent loaded shares are now worth $1.00.. if the stock is stable,, the very same shares can now be refinanced for 4 times more.. no extras shares and no dilution the O/S... and as the stock prices continues to rise through the year,, so does the equity value of the loaned shares.. During equity financing,, the loan company does not receive those shares.. they are kept by the original compay in reserve,,, unless a default is called those very same shares are negotiable for higher loans.. This is no more positively speculative then your estimated share values..
moreover if your target is reached, $1.11, those shares have the exact same value.. You can use 1/4 of those shares to shore up the loan and use the other 3/4 for further financing,
