When you take into account the 4% establishment fee, the...

When you take into account the 4% establishment fee, the interest rate is 15.36% pa. Plus whatever value the options end up being.

So credit card rates. Still, if they can get 6 campaigns in, at 10% margin, that'll be 60% return.

1500t over 6 campaigns means an average campaign size of 250t. Their last campaign was 321t, so the coming campaigns will actually be on average smaller than the last campaign.

The previous debt facility has already been paid out from the proceeds of the last campaign. They have another $8.8m due from that campaign, plus $5.9m raised. Adding together this $4m, and their cash on hand of $1.5m, that'll put the funds available at about $20m.

If they ran a 250t campaign, then they should only need $8m. They have enough cash to run a campaign twice the dize of the last one. About 600t.

Which means that either:
- they'll keep alot of cash onhand
- spend that cash probably on buying out the partner
- run one large campaign and run smaller campaigns for the rest of the year
- or greatly accelerate the ramp up, and produce more than 1500t this year.