Clearnet is a rapidly growing wireless communications company in the midst of a major capital investment and marketing program. The vice-president/chief financial officer must make an immediate decision involving how much Clearnet should try to raise from the public, when, what sort of instrument, and where? Among the alternatives are equity and high yield debt issues in Canada versus U.S., and cash-pay versus discount notes. Two years after its start-up, Clearnet successfully launched its Mike network, an enhanced specialized mobile radio digital network. In addition, Clearnet was awarded a national personal communications service license and was in the midst of a major network build-out program and organizational expansion in preparation for launching personal communications services the following year to be directed at the mass consumer market.