I think that is pretty much correct @sideshow1.
My logic goes like this...
The shares on issue should look like this now.
Bank balance at end of June was roughly $2M.
Add on the $1.1M making it roughly $3M.
So after accounting for funds from today's capital raise the company is "worth" $5.6m (shares x price) less $3m cash or about $2.5M.