All maths does is portray an ideal situation. But thats never the case in reality. In theory yes, the price should be diluted, but on many occasions, the SP will shoot up beyond the placement price as investors ascribe greater value to the company for having made that placement.
But if you think about it, a year ago the SP was 50c - Linc would have had to issue 200million shares to get $100m. Now that figure is about 27m shares. Obviously the great returns the stock has made has served to reduce the dilution effect.
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