Ann: Investor Presentation , page-19

Pre cap raise we had 384,795,116 shares on issue and a market cap at 10c of $38,479,512

After the cap raise we have an extra 70m shares in the placement plus 454.8m rights, making an extra 524,795,116 shares on issue.

Total shares would then be 909,590,232 and we will have raised $20,991,805.

Add $20,991,805 raised to the pre market cap and we are worth $59,471,316.

Divide that by shares on issue of 909m and you get a post dilution share price of 6.5c.

That is the Terp or "Theoretical Ex Rights Price" that it should trade at.