I'm assuming a placement twice the size at double the price, so...

I'm assuming a placement twice the size at double the price, so $24m at 36c. This would add 66.6m shares giving a total of 516m shares. That would provide enough funds until end of 2019. I would expect about a $300m market cap during this period, so around 60 cents per share average.

By the time 2020 rolls around I would expect ASR to be significantly higher, and thus a catalyst for another round of funding at a higher price. Perhaps around the $1 mark for another 100m shares, giving a total of around 600m shares, so $600m MC.

$600m does seem high but by then it would have risen, $12m IPO + $12m just now, $36m + $100m for a total of $160m raised. Buy this stage I would assume it would be in a similar situation as ACX, which got taken over by Oracle for $1.6b. So this would equate to about $2.66 per share, or about a 14 bagger on the recent placement at 18cents.