The form of equity is anybody's guess, wounded. In my opinion the debt will be accompanied by some serious number of generously priced options. I still remember the board shill, karmie, with his 180 mil shares or so and AAA in full production. Of course he was regarded by many as a genius ( mostly those who now make up the mutual admiration society ). With equity and the amount required to get to production, it will be a miracle to get this to production with 500,000,000 shares outstanding!! That is also forgetting the generous management options that are likely to begin to flow.
Only time will tell and there will be money to be made but in my opinion investors have to be realistic with regard to share price and the number of shares that will be outstanding.