What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?

A company plans to raise $12 million to finance an expansion project using a rights issue.

Relevant data:

• Shares will be offered at a 20% discount to the present market price of $15.00 per share.

• There are currently 2 million shares in issue.

• The project is forecast to yield a positive NPV of $6 million.

What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
A . $16.00
B . $14.00
C . $9.00
D . $11.00