Price does not matter for determining whether or not something is dillutive. If a company issues 100% of existing shares @ $5 or $10 existing shareholders are dilluted by 50% so if you owned 10% of the shares outstanding before the offering - you then own 5% assuming you didn't get any shares in said offering - you have been dilluted.
Dillution occurs every time a company issues new shares. Anti-dillution terms normally apply to pre IPO investors (aka VCs) and most often are related to coverts or preferred stock - essentially it protects convert holders and will adjust their conversion ratio in the event a future round of financing is done at prices that are worse then what they invested at.
So when the company raises $$$ by issuing selling shares (not for insiders ) and the company receives the proceeds. It's goign to dillute the rest of the exisitng shareholders regardless of price.
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