I want to ask what does "price of right" mean here please explain

Example: New issue price and rights issue Company X currently has 16 million shares outstanding valued at $20 each and one share on right. X wants to raise an additional $80 million in equity. Then, the number of new shares to be issued is: Before issue: Total no. of shares 16M 16M Cum-rights share price $20 $20 Total value $320M $320M After issue: No. of new shares issued 8M 16M Issue price $10 $5 Total money raised $80M $80M Total no. of shares 24M 32M Total firm value $400M $400M Ex-rights share price $16.67 $12.5 VOD 32 Price of right 20 - 16.67 = $3.33. 20 - 12.5 =$7.5. Corporate Finance Lecture Note 7 Price per Warrant (Right) Suppose that you are holding two shares before the rights offering Option 1: sell the warrants in the market before expiration: sell two rights at p each: 2(16.67) + 2p=40, p=$3.33 Option 2: purchase one new share:6p+30=50, p=$3.33