I think it's a little more than obvious both of the companies have assets and those assets will have to be leveraged in order to obtain financing for the merger...
There's no way in hell that GBOE can raise up to 20 million through dilution. It's just not mathematically possible. That is why Goodrich Capital has been brought in to assist in financing the deal.
Yes, I am sure there will be dilution along the way to help finance the LEGAL AND ADMINISTRATIVE costs of the merger but NOT TO PAY FOR THE WHOLE MERGER.
IF news of financing is announced shareholders can very likely benefit once a valuation of the combined companies is determined especially considering the current price per share.
At the completion of the merger of the two companies I do expect a R/S to reset the share structure of the newly formed company.