Ann: Exclusive Option Agreement to Acquire Balance of TSi India-TSN.AX, page-77

Back of the envelope numbers:

	Column 1	Column 2
0	Fully Paid Ordinary	1 945 136k
1	Options @3c 30/06/2018	60 625k
2	Options @2c 15/02/2018	30 000k
3	Fully Diluted Shares	2 035 761k

Dilution = (Shares on Issue) / ((Shares on Issue + Raised) x 1.15 for the new directors shares)

Imagine the entire $47 million was raised by equity:

Dilution based on issue price of new securities (using fully diluted shares)
@1.6c = 0.376
@2c = 0.430
@2.5c = 0.485
@3c = 0.531

So, worst case based on 1.6c.   If your share is for owning 100% of something, but you have been diluted by 0.376 you only own 37.6%.  This is better than owning 100% of 25%.

However, people should bear in mind that this is no rocket to the moon (10x valuations are probably overstated IMO).  If the company is lucky enough to issue at 3c then they only have double what they had before (53.1% instead of 25%).