On checking there are actually 189 million shares on issue. So...

On checking there are actually 189 million shares on issue. So if 70 million shares were bought back and the project sold for $250 mil there would be a return of $2.10 per remaining share.
Alternatively selling off a minority interest of the project to another company may raise more than enough to fund REX's share of the capital needed. 100 million for a stake and then a capital contribution for the interest bought should provide enough equity to get this project up and going. This is a profitable low risk mining project so financing will happen in time.
The low share price is a response to fear about a capital raising, sentiment in the metals markets and the current stage of the project where things are still uncertain.