TNY is doing a cap raise at 15c, a 25% discount to the last traded price of 20c.

• a non-underwritten institutional placement on New Shares to raise gross proceeds of approximately A$0.5 million
• a fully underwritten2 1-for-4.6 pro rata accelerated non-renounceable entitlement offer of New Shares to raise gross proceeds of approximately A$2.0 million

Market cap (pre-raise) of $12.6M

The cash should add to the value -> so mkt cap should become $15M

Increase in shares from 61M to 78M

Theoretical ex-rights price (TERP value) = 18.9c

In plain words, it's a dilution at a small discount so the share price should reduce to 19c. More likely, new holders will sell at any profit and the short-term share price will be closer to the issue price of 15c.