Just read that they would raise $28m at $1ps (3m shares to...

Just read that they would raise $28m at $1ps (3m shares to existing holder/25m shares to new investors)

If assuming all existing holders don't participate in this offer then post consolidation plus the new shares the total no. of ordinary shares is 50,338,066 and $25,000,000cash
On Friday it closed at 4.2c, the undiluted MC is $21.28m, and the EV should be closed to $21.28m, then assume no more option conversion before consolidation, then the post-consolidation MC should be $21.28m + $25m = $46.28m or 92cps or 4.6cps before consolidation.

If assuming all existing holders participate in this offer then post consolidation plus the new shares the total no. of ordinary shares is 53,338,066 and $28,000,000cash
On Friday it closed at 4.2c, the undiluted MC is $21.28m, and the EV should be closed to $21.28m, then assume no more option conversion before consolidation, then the post-consolidation MC should be $21.28m + $28m = $49.28m or 92.5cps or 4.6cps before consolidation.

either way, it looks like current s/p 4.2c is about 10% undervalue, imo