The only ones that were diluted at last CR were those who didn't take up their offer. There was no "300 million new shares sold" and the shares which weren't taken up were not issued.
In fact last CR it was spelt out very clearly the implications of taking up your entitlement and also the effect on TIO's shareholdings. All very above board (at that time) so not sure where your info came from??
Next Capital Raising?, page-3
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