And still the timing is important.

20-30 million USD raised at current shareprice (0,66 USD) means >10% dilution now. As we will issue 30-45 million shares or shares + warrants.

The SP has been at 1,24 USD - in that case we would only issue half the shares for the same amount raised. Therefore only 5% dilution and 15-22 million new shares.

So, which one is in shareholders best interest? Management should be interested in low dilution as well, considering all their options. The less they get diluted, the better for them too.

And a higher split ratio will reduce the option pool quite significant. But management stated that that option pool is so important to get new talent. As the option pool is at 20% (yearly) of the outstanding shares. 
20% of current 400 million is 80 million

20% with 1/4 split is 20 million

20% with 1/10 split is 8 million

Dilution will reduce that way as well massively if I am not mistaken in my logic. 
If the above is correct, the higher split will cause less dilution for current shareholders. Due to the limited option pool.