There's a simple, standard and logical way of determining the...

There's a simple, standard and logical way of determining the effect of a dilution such as BLT's IPO:
NewPrice = (OldSharePrice * OldSharesOnIssue + CashRaised) / NewSharesOnIssue.
So if price now is say 0.80, after a 50% dilution at say 0.75 the new price is (0.80*115m +0.75*115m)/230m = 0.775.
So for BLT's IPO, the crucial factor is IPO price, because the higher the price the greater the amount of cash rased for the same dilution (or the same cash can be raised with lower dilution). That's why I'm so opposed to IPO before efficacy.