rights issue

im not up to play with rights issues can someone tell me if this is correct and if not maybe explain please.

I get 7 for every 1 share held that i can either buy @ 23c i think it waa or sell at what ever price i can in the time allowed and i get the proceeds no costs to me except for broker or if i do buy they then become market value of other ordinary shares on th market at what ever market price maybe? Yes or no or not quite ??