1st of all. This whole deal is very confusing. I might be wrong (and please correct me if so) but this is what I think of it:
If this offering goes true it will give a massive 10x dilution.
The 20-to-1 RS that will follow won't help also (in most cases shares drop in value after a RS).
At the moment the value is 0,14 to 0,16 cents (and still dropping).
After the 10x dilution it will be 0,014 to 0,016 cents.
This offering is at 0,02 cents (so that's probably more then the actual value at that moment... ).
The 20-to-1 RS will bring the value down even more to between 0,20 and 0,40 cents.
This means people that will make use of this offering will probably loose money right away.
Ergo in my opinion it's probably best to wait and see this deal through and try to average down after this whole mess is completed.
Also I find this offering construction very strange and almost unbelievable.
It might be just some kind of manipulation to get rid of share holders that are still holding lots of shares from the beginning 2 years ago when the price was around 2 cents.