No, that was obviously the minimum of the range. But we do have...

No, that was obviously the minimum of the range.

But we do have to consider shares in issue after the raise will be 3x or more what they are now (e.g. even if raised @ an optimistic $0.15, $300m equates to 2bn more shares!) and the price is more likely to be set by the financiers than a vwap calculation. In fact I bet it has already been decided, so as to be used in the financial modelling.

Whichever way you look at it, the new shares issued will be more than those currently in issue, so whatever their issue price I would say that's about what will give you a $500m market cap.