Now, if I look at another way.
140385323 shares currently on issue
$35m at $1.20 = another 29166667 shares so a total of 169,551,990 issued shares
$35m into the new issued shares = $0.21
So current valuation of $1.20 + $0.21 cash in bank (because they can't spend it all at once) = $1.41
add in a 10% demand premium for future earnings and we are back to $1.55
