Less dilution would result via Preferred Share financing. Preferred shares have a preference should GBN go bankrupt, preferred shares would get first claim to assets. Also, preferred shares are often paid a preferred dividend, let's say 6% interest rate vs. bank interest rate of 10%, and often preferred shares have a conversion feature into common at 50% above current share price, e.g. Thus, the number of shares (dilution) needing to be issued is lower via Preferred shares.
If GBN goes the bank debt route, then GBN would have to hedge future gold ounce sales (e.g. 50% of production for first 5 years). Preferred shares are considered equity financing, even though preferred shares may be entitled to a semi-annual dividend before any dividend to common shareholders.