Question is how much and how soon...IMO, the question to be answered, is how much equity financing (at what price) and how soon...
A convertible debenture would be ideal since there would be no immediate dilution but there's no cash flow visibility...just lots of potential. Even the Wi-Lan deal doesn't guarentee us of any cash..also, I would think that the relationship with Wi-Lan would impede SIO to issue a loan backed by the patents.
It seems to me that given the nature of risk, and equity being the highest...it is just a matter of time. I would imagine that SIO would want to raise cash until of 2016 end...meaning that would be around 2M to 3M...or 20M to 30M shares...which translates to a range of 15-20% dilution...ouch!