reflections, page-5

If ELM raised $50m at $2.50 we would issue 20m shares.
Issued capital would go from 160m to 180m or +12.5%

If we raised $50m at $1.75 we would need to issue 28.6m shares.
Issued capital would go from 160m to 188.6m or +17.9%

Thus to reach a market cap of say $500m, under the first option the price would need to be $2.78 (500m/180m)
To reach the same market cap under the latter option the price would only need to reach $2.65 (500m/188.6m)
The difference between $2.78 and $2.65 is 5%.

Thus, the more shares we issue at lower prices the lower will be ultimate price at any given market cap.

This is a hypothetical example only; issued shares are approximate and price levels are purely hypothetical.