Ann: Trading Halt, page-8

All cap raisings are dilutionary, it is extremely rare for raisings to be done at equal or premium. The pricing of an issue starts as a function of the current ascribed value of the business and the amount of money the company has to raise. STO's discount was large because it raised an amount equal to 60% of it issued capital at the time. Depending on the amount raised, VXL's discount will be large but until its all announced any price assumptions/perditions are heresy.