Are my calculations wrong ?

A few months ago Pilbarra rased money through a share issue totalling 7.3 million dollars.

They also own 10 % of a ADSL company

They also have good prospects in mining exploration

But check this out !!

Shares on Issue 82,268,928
Price (previous close in cents) 10.5
Market Cap ($) 8,638,237

Money in the bank say around 7 million


Is this company very cheap at the moment or have i got my calculations wrong ?