which is better...sell ph or a capital raising

we could raise $1bn

with a 1 for 1 rights issue @ 30c

that would get us $978m

(.30 x 3261m shares = 978)

before capital raising
assets = $6bn
liabilities = $1bn
equity = $5bn
no of shares 3261m
bookvalue = $1.53

forecast earning = 20c

AFTER capital raising

pay off loans refinance $300m for working capital

assets = $6bn
liabilities = $300m
equity = $5,700m
no of shares 6522m

bookvalue = 87c
book value = $1.74
forecast earnings = 10c
Return on equity = 11%

would more than likely go higher should base metals prices improve