Your numbers are correct on the upside. What you haven't taken...

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.