I had a look at it, he has made an assumption that the MC will increase in line with the added capital (ie you have a smaller fraction of a bigger pie). If the MC stays the same then you have a smaller fraction of the same size pie so a dilution proportional to the number of shares issued divided by the number already on issue.
not sure his assumption is correct as the money will be used as working capital rather than asset acquisition. With that said it is a necessary evil as MSB moves towards resubmission to the FDA. Although it may be that the SP increases as a capital is assured. Will see on Monday I guess!
Capital raising, page-182
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