PLS Value Proposition, page-22

The numbers I have given you are fact as of market close yesterday, not fiction.

But, its all relative, if both had to do a CR, their repective share price would head south based on additional shares issued under the CR diluting the sp . However, if for example both needed to raise $300 mill, that would represent 21% of PLS market cap and 54% of KDR's. Therefore, which company would suffer more dilution in a CR, if you are honest, it would be KDR, because raising $300 mill on a $560 mill market cap is a high risk proposition for investors, thus the share price they offer as part of their CR will need to be bloody attractive to entice investors to take on said risk. So, on that note, logic would say KDR suffers greater dilution in a CR. 

Note I think KDR will be a huge success, but the fact is, KDR have nil cashflow and they will need to raise capital, whereas PLS in production, thus cashflow to service current and any further debt they may take on to build out stage 2. Also, PLS stage 2 operation will be at nameplate production before KDR start commissioning their plant, so once again, cashflow is king, progressively de-risking PLS balance sheet as time goes by.

KDR have to go through the orphan phase, so they are yet to prove themselves, all will be revealed over the next 2 or so years.