Reasonably sure that this $10M+ figure still due from the dairy sale is all cash. .
The bond offering has to include a warrant sweetener; we're not talking about a AAA rated multi-billion dollar company. But it is obviously massively preferable to the equity only financing:
1) the warrants will be limited to a percentage (25%?) of the bond amount
2) even the percentage will be at a price higher than market price
3) they will not be exercisable for some amount of time, so will not represent an overhang on the share price; at least not until after any projected uplisting
4) the debt portion provides cash for debts or to invest immediately. And the company has demonstrated multiple ways to return 40%.
I'm not sure that any bond offering eliminates further share issuance. A minor amount is probably still in the offing. But with a bond, and issuance up to authorized shares can be done in a much more flexible manner, later in 2013, if at all (therefore, at higher prices).
In any case, a bond offering underwritten by a Swedish bank would be a huge endorsement, indicating institutional confidence and enhancing dual listing and uplisting.
A listing to First North may happen first, which would presumably force higher warrant exercise prices.