Am I calculating right? UKP 4,100,000 + US$375,000 + US$90,000...

Am I calculating right?

UKP 4,100,000 + US$375,000 + US$90,000 in convertible notes, if all converted into shares (at current price of $0.004/sh) would result in around 2.2 billion shares being issued (depending on x-rates). Added to the already almost 3 billion shares on issue gives over 5 billion shares.

This would equate to a market cap of around $20m.

Is this right?