No Grey, you are mistaken in a couple of ways. Dilution is dilution, period. They are issuing a lot more stock which lowers the value of the previous stock. That is what dilution is. I think you're confusing that with book value in thinking that the stock issued is balanced by the cash they received for it. That too is wrong because while the issued stock will remain, they cash they received for it will be in fact spent and go away forever (salaries, keeping the lights on, etc.).
Let me put it this way. If what you posted was true, the company could issue an unlimited number of shares and it wouldn't effect the price as long as they received something for it. Pull up a long term price chart for the company and that will put the myth to that notion.