A standard cap raise is locked in at a specific price for a...

A standard cap raise is locked in at a specific price for a specific quantity. Not being able to access this means a company may turn to convertible notes which is not locked in at a specific nor a specific quantitiy. Instead the price drops and the quantity increases which is a lose/lose scenario for existing shareholders.

In terms of dilution, pretty easy to calcualte for yourself:

ECS - listed in 2019 with 507,591,067 shares and after this most recent cap raise has 1,288,549,567 shares on issue. That's an increase of 153%.

CAN - listed in 2017 with 45,000,000 shares and after this most recent convertible note conversion has 437,482,111 shares on issue. That's an increase of 872%.

In other words, CAN has diluted it's customer base nearly 5 times more than ECS has (yikes).