share base will be diluted

sergeant, you must remember the recent rights issue dio went through, there was a large overlap of unwanted shares at 7.7 shares that i think it was carmichael the underwriter got caught with. that rights issue was only raiosing $12 mill.
the market didnt want them, and that was a booming market, different to the uneasy market we are in right now.
i realise this new purchase from harmony will eventualy change the company, but dio has to first get over raising $35mill dollars somehow.
. on top of that they have to issue 160mill shares to harmony.
wouldnt it be reasonable to assume that both the 160m shares and raising $35mill by some other means [maybe another 250mill shares] will dilute the share base on a massive scale and accordingly lower the share price towards the issue price?
watch out.