Funding - impacts and implications

[Note: this is not an up ramp, down ramp, side ramp or exit ramp - I have no agenda other than improving my understanding, assessing my own holdings and hopefully learning from others on here and how you all approach these matters]

Following on from the AGM and the slightly clearer picture around the status of funding, I'm trying to get a better understanding of impacts and implications of capital raising going forward. I'm certainly a novice so would appreciate some input from some of the wiser heads on this.

From what was said and presented at the AGM, and working on the basis that it's accurate and plays out as stated, USD400M of the required USD550M will be achieved through syndicated funding. This leaves USD150M (or AUD 205M) to be raised via equity.

Assuming an equity raising at 0.08 (which is probably optimistic given the last raise), that would amount to another 2.56B shares (205M/0.08) being issued. With current shares on issue being about 2.85B, that's roughly 50% dilution.

So in effect in assessing the value of one's own holdings at this point in time, any forward prediction or price targets should effectively be halved as a result of that capital raising.

Is that calculation too simplistic? Is that how others see it too?