Ann: Company Update, page-17

Well while I would concede that before the consolidation the shares had a nominal value of 0.001 which was the lowest value that shares are allowed to be. Now your estimate of your shares then being worth $1k is all based on that rock bottom ( legally cannot go any lower on the ASX ) price whereas in practical terms the share were probably not worth 0.001. There was hardly anything of value to provide backing apart from a few rights to some tenements.
It may be a bitter pill to swallow but this is a very, very speculative mining stock. It is always a risk with such a stock that the rate of money spent on attempting exploration does not see a reasonable return in returns. So the company has to seek more funds leading to ever increasing shares on issue which get a lower share price and keep spiraling down until, if they and you are lucky they find something that is valuable and results in a rise in sp.
My suggestion is either don't take up the offer or else do take up the offer and pay the required money which will give the company some money to continue searching. I would also suggest that either way you then put a reminder in your bottom drawer that you do have some shares in JAV and just check every quarter on their QR to see what is happening.
Good luck.