Ann: Capital Raise, page-24

My point was that with a raise that is at the same price as market, there are more shares, but the value of existing shareholder shares have not changed. You have a smaller share of a much bigger and move valuable pie which is worth the same and your share of the smaller pie that was about to run out of money.

True dilution to me is when your smaller share is worth a lot less than what you had to start with. Also factoring in the cash burn - this has really saved us all from losing the whole lot as I dont think a rights issue would have come close to $40M and I am not sure i would have gone for a full allocation given the size of my existing holding.

Hope that clarifies