heres how i see it, page-2

Your numbers are correct on the upside. What you haven't taken into account is the (arguably) equal chance of the shares being $0.04 (for example).

At this price your rights issue lot would lose $300 (loss on heads no loss on call option).

At this price your buying of shares would lose $557.

So you take on less downside risk with the rights issue. I could do some probability weighted outcomes for the two schemes using past volatility etc to see which one is better but it is a nice day outside.

Saying that, at $0.65 the $0.07 rights issue will have trouble finding interest.