Ann: Capital Raisings and Commencement of Drillin, page-7

re: Ann: Capital Raisings and Commencement of... If we assume they raise all the money they are after, the theoretical price will be 3.4ø. The options don't count for now because they contribute nothing to the cap until they are exercised.

So, situation now is 149m shares on issue @ 5.5ø = cap of $8.2m.

After issue;
Shares on issue = 344m.
Cap = current of $8.236m plus cash raised of $3.5m, = $11.73m.

$11.73m divided by 344m shares = 3.4ø per share.

The issue of the options is the sweetener that compensates for the dilution.