HMD Chart, page-370

debt as an alternative would as exist as "private credit" which is just a euphemism for "pirate life"

who would fund a capital note or any other debt function for HMD to use? no profit would negate any good terms, it would then be an option to surrender control and be diluted by bringing in a Private Credit provider or go to a more liquid capital market (asx) for funds.

Just for clarity, debt is not really an option for a nascent business with no profitability. Lots of people like to put up comments about how cheap debt is etc and how there is no need to fund via equity which results own dilution, the reality is quite different. If you went to the bank with a great idea but no income then it would be extremely hard to get a loan.
Private Credit is where company A needs funds but can't get a loan but Company B is able to borrow from the bank so B lends the money to A instead of a bank. Why would B lend to A? because B gets to be deeply involved in the commercial side of A and is able to steer the ship without having to buy them out. B borrows at 4% and takes equity in A as well as charging A 12% interest. B appoints the CFO and releases funds to A only when B decides that it is worth doing. B resolves A's financial woes but also makes sure that A pays back all the debt and then the stronger version of Company A is worth more allowing Company B to trade sale or place their position for a profit thus making more money. One of the businesses that I'm invested in is the Company B in that scenario. I don't think HMD wants to go down that path, being listed on the ASX (a liquid capital market) negates the need to do that as well. I would be AMAZED if HMD funds it's next leg through any other method than a Capital Raise.

I don't like Private Credit and have only invested once in making it happen. Lets hope that HMD raises a MASSIVE bucket load of cash that dilutes everyone by a fair bit but in doing so creates the sort of company that goes to a level that pays dividends for generations