Breakout at 1.3c on Vol upTrend coming ??, page-505

The way I look at it though is this (and approach any RTO/MC calculation - except for options which are way out of the money).

MC = shares on issue X market price.

However, the price value mentioned above is determined by what the market is willing to pay. In cases like this, the price is usually factoring in the proposed transaction. ie: the deal will be going through, therefore I will pay xx cents per share.

If the deal goes through, then the new shares will also be issued.

On that basis, if you are working out the Market Cap based on current share price, then it is also prudent to include the new shares which will be issued. They are not mutually exclusive things.