Microcosm - 2nd Seedrs crowd-funding round

The Microcosm first round offer was 10% for £50,000.

This second round is for a further 5% (for £100k), which would - without pre-emption rights being taken up - dilute all shareholders.

The total number of shares in the entire company increases so that shares totalling 5% of the company can be issued to the new investors.

So the stake owned by a first round investor reduces in terms of the overall proportion of shares in the entire company. But only by a very small amount, because the dilution effects all shareholders.

Consequently, in order to keep at the same % ownership as after the first round, you need only invest a small proportion of your initial investment.

Initial investors will have 48 hours to use their pre-emption rights. Once that period has elapsed, the offer is open to everyone.

There's an example with numbers here.

So is the balance of the £500k mentioned in the first post - ie £400k - going to be raised in a subsequent (third) round? If so, and if it's equity, is that going to dilute the second round investors? Or is the second round effectively going to give away 25%, 5% now and 20% deferred?

I'm a bit confused.