The Market Judges, page-30

Just a comment on your original post Blommer, Yes AJX plus $15mil is worth more than AJX now, so in theory it would have a higher market cap, $15mil higher after the CR as $15mil have been injected into the company.
All in theory of course, in reality people may choose to sell or buy at a different market cap than before, even though as you say, AJX plus $15mil (or say $8mil) is worth more than AJX before.

Roughly (Assuming full take up):
Before:
345mil shares * 11c = 38mil market cap

After:
621mil shares * X = 38mil market cap + 16.5mil raised

X (shareprice after raise) = 8.7c

In theory the EV and market cap would be even higher given the reduction in risk caused by Debt. So I can see why major investors would be keen as bean to participate at 6c