Shares on issue is irrelevant in that context. If they had 3.4 billion SOI they could then issue another 5 billion to raise funds (to use your numbers). Literally no difference.
The only relevant figure in that context is market cap. At $11M it's going to be very hard to raise substantial funds or convince a partner to take anything but an enormous proportion leaving shareholders with not-a-lot. I genuinely don't see it.
Ann: SC54A Asset Sale and Farmin, page-68
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