Okay, full quote as opposed to a truncated version:
"Subject to the same minimum equity ownership condition following the Grace Period, ICL has been granted a pre-emptive right pursuant to which ICL has the right to participate in any equity financings of Allana up to the greater of (i) 30% of the aggregate amount of such equity financing and (ii) its then undiluted ownership of Allana Common Shares acquired from treasury (assuming the issuance of the Second Tranche). "
So 30% of the individual PP, to a maximum of its pre-warrant equity stake. So yes, ICL will be diluted with more equity raises.
That does then raise the prospect of ICL having an interest to loan Allana the difference between $642 million and whatever the develoment banks + other lenders have to offer.
EDIT: Actually, in the case of a really big PP, 30% of that PP can still theoretically increase their ownership stake depending on how bad the dilution is... seems counter-productive for ICL to go that route though.