ASF
When I value a company I look at its earnings , apply a multiple and adjust for Cash less Debt
Thus if you have 2 goldies each earning $ 20m pa, but one has zero debt and $ 10 m cash , and the other has $ 20 m debt---then we all know which is most valuable ( all other things being equal )
Under your method, the raised cash carries no value, and i don't agree with this
