Technically, if a CR raises money, then that money is added to...

Technically, if a CR raises money, then that money is added to the value of the coy - until it is spent of course. The degree to which it adds to the coy value creates the dilution affect.

For example, a $1 stock, according to some, would be worth only 97.5c if an additional 30% of all shares were allocated in a CR/SPP, i.e. if the coy has 100 shares and 33 new shares are offered in the CR at 90c each, the total value of the coy is now $129.70, but the number of shares is now 133, so each share is worth about 97.5c. However, the market sees the coy shares as only being worth 90c, so generally speaking, the sp is going to fall towards 90c in the days following the CR.

On the other hand, the extra funds must add to the value of the coy (at least in the short term!) - so in the weeks/months that follow this CR its sp could rise towards 97.5c - provided the coy is to make/making good use of the funds!