anatomy of a raw deal

Hi folks,1st time poster but long time investor. AXM ! very unhappy as how the new share issue has been formulated. On Tu.1 Sept.09 I bought 100,000 shares @9.2c ea.= $9200. Mon.21 Sept.09 SP was 9.8c ea. I was happy enough at that stage. Tu.22 Sept.09 trading halt placed. F.25 Sept 09 trading resumed. M.28th SP 4.7c ea. The offer allowed me on the outlay of another $18,000 for 450,000 shares @4c ea. To break even I would have had a total outlay of $27,200 and the SP @ 5c (a liitle extra for costs). I choose to invest that $18k elsewhere(I've already covered the AXM shortfall)I've chosen to hang in with the original 100k of shares & seems like gold heading Nth.may even get my $$$ back or better? I find it hard to fathom why the directors did'nt preserve most of the value of the existing shares by say issuing shares at 10c ea for the same capital they need? Dilution less, share holders more happy,perhaps full subcribe not only 53%.