To continue on with Bripoz's illustration. @ $500 mill. Divide...

To continue on with Bripoz's illustration.
@ $500 mill.
Divide that by 230,000,000shares.... and we get $2.17 per share.
Now divide it by 200,000,000 shares... and we get $2.50 per share.
Now divide it by 170,000,000 shares... and we get $2.94 per share.

@ $600mill.

230,000,000 share... and we get $2.61 per share.

If they generate an extra $200 mill.

@ $700 mill.

230,000,000 shares.... and we get $3.04 per share.

Better hope they can generate an extra $200 mill, otherwise, Nil dilution is the best outcome.