The Issuance of Stock to Fund a Project Tends To

The issuance of stock to fund a project tends to:

A) have no effect on the previous shareholders.
B) create costless benefits for the firm.
C) cause any potential gains to the firm from the project to be lost.
D) affect future dividends but not the appreciation realized by previous shareholders.
E) dilute the capital gains that would have been earned by the previous shareholders.