Sorry but that's not how you do the math on this, they are...

Sorry but that's not how you do the math on this, they are getting $10m for their equity at a 4.5% discount

You would assume the market capitalisation increases at least by the cash raised (sometimes even more if it brings opportunity/removes an overhang, see my points below)

A simple way to think about it is 15% of your shares (~$10/$70m) have been issued at a 4% discount
15% x 4.5% discount = 0.60% discount on over all stock

From the internet:

https://www.trignosource.com/finance/TERP.html#:~:text=TERP%20is%20therefore%20the%20weighted,and%20the%20rights%20issue%20prices.&text=The%20current%20price%20of%20a%20company's%20share%20is%20.,a%20rights%20issue%20price%20of%20.

After a right issue, the number of shares increases and obviously the market capitalisation would increase too. So, the price of a share after a rights issue can be calculated as follows:-

The other thing you need to think about is what the additional capital brings to the company
1. removes overhang of a capital raise completely.
2. has major serious instos join the register who will keep on buying
3. comes with a 7.5m debt facility which is news in itself ie you're getting $17.5m in capital to GROW.