"For you to keep your same ownership, you must pay".
Correct.
But to entice you to "pay", you are being offered shares at a valuation multiple well below the level at which you (presumably) were happy to own the shares in the first instance.
"...a company that made a loss last year and can't fund working capital."
Indeed, but that was already known to you as a shareholder prior to this announcement of a capital raising, so for the announcement per se to compel you to sell doesn't make sense.
Ceteris paribus, if you were happy to own the shares at 14.5c (and presumably you were, otherwise you would have sold), then you should be even more happy to buy shares at 11c.
Also, you didn't have to "throw more money" at the company. You could simply have sold most of your stock after the ex-entitlement date and then subscribed for your entitlement at 11c, and thereby maintaining your same dollar exposure but at a lower average entry price.
If you didn't want more, you could simply have recycled your capital and profited by doing so (which is, I suspect, what a lot of investors are doing...those who do not want to increase their net exposure to the company, that is.)
By selling you have simply foregone the value of your entitlement rights.
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