You appear to be overlooking the issue of dilution.
It's not just a matter of spending a little less money if they don't use it all. It's a matter of issuing fewer shares so that your shares will be worth more.
And the difference is highly significant it TWO ways (that multiply together, not add):
KBLB only uses the money it needs: that avoids dilution by drawin less money.
KBLB gets a much better price per share for the money it does get (so again less dilution) because the share prices are calculated on the trading price at the time of with drawals (for example, in the last few months many shares would have been based on a trading price of over ten cents (some much higher) instead of the 1 cent that would have been received if it had been an all up front type deal instead of a line of credit.
As for the "valuation" aspect, KBLB would have been valued at less than 10% of what it is today by an upfront type deal last year. And an upfront type deal today would result in a valuation of probably 20 to 10 % of what it could well be next year. But the only real valuation is the trading price which rapidly adjusts to news, etc. shortly after financing deals.
IMHO the Calm Seas deal is vastly better than the standard deals. KBLB needs to issues PRs as news occurs anyway. And even without the Calm Seas agreeement, stock newsletters would be "pumping" KBLB now whether or not they were paid to do it. (Not before, but certainly right now.) Because they need some predictions of big gains to advertise themselves with and KBLB has a very good chance at a huge gain in the very near future (5 to 10 X from here, easy) with the possibility of news of pure spider silk at any time.
But bear in mind that this issue is a relatively minor point and a lot less critical to KBLB's success than the technological progress is.
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