Ann: Galan Secures $15m ATM Funding Facility, page-42

Cyber, this is not debt. Debt is non-dilutive. This is an at-the-market facility which means issuing shares at a discount to a loan shark who then drip feeds it onto the market which just creates selling pressure. That can push the share price down which makes further utilisations of the facility more dilutive again. Just wait and see if/when they elect to draw down the facility and you’ll see the operation. The 15M shares are just collateral, each time GLN want to pull some money out they’ll have to issue the equivalent amount in new shares to Acuity. I’ve seen this happen numerous times before. It’s just another form of a capital raise, except not to sticky hands.

Companies generally only turn to this when they think/sense the capital markets will not support another raise. It’s been companies like BRN, HIO, LKE who have used these, which is a bit of an indicator in itself.