Depends how you want to look at, from the last presentation share price of 2c
At 2c undiluted
Cash $4.1 mill
EV $1.3 mill
Market cap $5.4 mill
At 2.6c undiluted
Cash $4.1 mill
EV $1.69 mill
Market cap $5.79 mill
All news related articles that I have posted on here and from the company are quoting the share price undiluted.
Either way it's priced in at a shell.