The most negative form of dilution are warrants.Upside with no downside risk. Having said that what is so negative about a $40m raise at a buck(could be a warrant attatched though) when you can buy plenty around 70 to 80c on the pink sheets. If the numbers are that great another buyer could pay way more than a buck anyway. If they suck these dudes will take a walk. If you dont want to be diluted go and buy shares at 75c on the pink sheets.