Ann: Anteo Signs Collaboration with Lumos Diagnostics, page-92

BW, what you say is true, but if (and only if) the total placement is only available to the shareholder base at the time of the placement and an individual takes up at least his/her pro rata allocation - then of course one cannot be diluted.

However, the maintenance of one's overall % shareholding is not the only (or probably even the main) concern for many investors when it comes to capital raisings. Other obvious factors would include - ability to raise the funds and/or willingness to alter portfolio spread of capital.

I would hazard a guess that for the average HC speccie investor CR's usually result in dilution of their holding.