better way of raising cash

Rex have some very smart Financial people working for them but it amazes me how they keep diluting the company capital raising tiny amounts of cash. Just my opinion but I am sure that given the opportunity a lot of people would gladly contribute cash if it was done a little more constructive . What is wrong with this proposition (example)
1 for 6 rights issue to raise @12.6 million cash.
Instead of shares the rights to apply for a cumulative debenture say maturing 4 years from now .

So 1/6 on 189 million shares = 31.5 million @ .40 cents per unit.
So 12% Cumulative Debenture maturing March 2018.

eg. 31.5M @ 40 cents = $12,600,000
Interest year 1 1,512,000
Interest year 2 1,693,444
Interest year 3 $1,896,523
Interest Year 4 $2,124,236
Total $19,826,203
Return on capital of 7,226,203 or 57% equates to 14.25%PA
By 2019 the company would be in production (hopefully) and this repayment of debentures would be nothing against predicted revenue. I am sure if a gilt edge company offered 14.25% on your capital today you would jump at it.
Just a thought of another way of doing things instead of the current practices.