proposed $16.5m capital raise, page-4

Correct, you do.
The thing to focus on is the enterprise value which is value of business after allowing for net cash and/or debt.
Here market cap at 10c is $15m and cash is $10m but - spending cash every day and some debt such as payables and the environmental bond.
So assume no net cash and then EV is $15m.
That's absurdly low and should be enhanced by the cash injection because the fear factor of cash running out will be removed.