trading halt, page-4

My broker was trying to hard sell me the placement. He said the bookbuild price of placement was looking like $4.10 (ie the placement is not done at a fixed price).

They are supposedly issuing about 5m new shares. By my understanding, they last traded at $4.40 and the dillution of value is about 12%, so the fully dilluted value when they open again would be $3.87 or so.
the broker said he agreed with me, that mathematically it looks like a losing deal, however, they believe it would do well because of increased earnings next year (placement is for funding the expansion).

I decided not to buy in the placement, because i dont invest to lose money.
Is there anything I am missing or are they really trying to rip me off?