Your sums are fine.... if 400 shareholders apply for the full $15k, which you would definately do if because there is profit to be made, then the $6m will be raised. Not sure how many shareholders are on the CXY register, but I know that personally I have 4 seperate shareholdings that I look after that are entitled to participate, and I will be applying for full entitlements, so If more than 396 other shareholders do the same then I guess we will have a scale back.
I would caution against selling CXY shares to take up the offer and buy them in the SPP as it is highly likely that the offer will be scaled back.
CXY Price at posting:
8.8¢ Sentiment: Buy Disclosure: Held