From an $12m for 40% (Vijay) to $1m for an effective 30% incl...

From an $12m for 40% (Vijay) to $1m for an effective 30% incl options (current raising)- things are pretty bleak for the standard shareholder.
The management obviously are keen to keep their dilution to a minimum though as related party take up of 10% suggests that they will have their hands in their pockets again (maybe a small positive). But all up major dilution for substantially less cash and further dilution probable if JV is revived and the lowly standard shareholder suffers again.