The first $100 is based on the value of the company as is.
The second $100 although it adds $100 cash to the kitty so yes 100% doesnt always equate to the company now being valued at $200 or 100% more as the company would still only make the same profit at this point.
Then you have the cost of the cr to consider, so take out say 15%...... now your down to $85....
Then you cant really value the new $85 to the same extent as the first $100 as it really hasnt produced any profit for the company yet which is usually the purpose of the cr......so that takes time.....take another 15% out
down to maybe 70c.
So now you have shares worth 85c....$1 prior plus 70c /2
However....the upside is what the company can now do with that extra cash to generate further revenue and profit which they couldnt perhaps do without the cap raising.
Then of sourse you have to allow for any free attached options....usually given to the sophisticated investors...causiong furhter dilution.
Thats what it all boils down to in the end....what they do with it.
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