No CB your calcs are correct - on the surface. I'm factoring compounding $ for $ Grants. Without the CR there wouldn't be the spend to match the grant requirements. JIMHO At this point in time, 1 can only follow the other.
Helecopter view:- So $6.8M covers going concern for 2+ years, Oppie exercising over the next 2(3) years covers the required spend escalation - its peddle to the metal times for Anteotech. Then Grants (& R&D rebate) are likely to match the spend. Ergo, I see a possible $30M direct & indirect funding is realised from the CR ---- all going well. Without the Oppies the spend WILL be retarded. Anteotech must lock up commercialisation contracts sooner than later, before catch-up tech evolves. Some Folk need to take their heads out of their arses & look at this objectively. Otherwise, they risk ultimate SP relegation. Yes, many couldn't take the step to participation, but rational thought is required.
Assumption SP will be in excess of $0.035 well within 12mts, to evoke bonus Oppies, and >$0.05 within 18mts.
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