Emerald Health Therapeutics Inc TBQBF

RE:RE:Emerald Health Therapeutics Announces At-the-Market Equity

[VENMan]

The offering is capped at $39M and from what i read in the news release there was no mention of any  Units with warrants attached so as i understand it they will issue common stock as money is needed up to  $39M during a 2 year period. The whole $39M at $4 right now would add 9.7M common stock to the current float of 142M common stock. So worse cause 152M common stock (not fully diluted). This would also in effect add $39M to book value. i have book value from last FS at $1.26. This would add 26 cents to book value. So at $4 per share the share price to Book Value at $1.26 is PBV 3.17. If the book value goes up to $1.52 per share and the market is still willing to pay PBV of 3.17 then over share price would be 3.17 PBV X $1.52 BV = $4.82 per share. Again this is assuming they do not do any offering below $4 per share. 
All imo! 
ps if i'm wrong please feel free to correct me, thanks
GLTA!