Target of 23 cents

I see Target price of more than 0.23
As per the report Ausdril has received 4,235,101 fully paid ordinary shares in exchange to drill for equity worth $1 million
Hence if they are looking at the $1 million cost to drill in exchange of 4,235,101 shares.
Means they expect the price per share would reach atleast $1million/4,235,101 =23 cents
Currently it's at 4.4 cents
I just cancelled my open sell order for 10 cents..
I believe this will definitely go beyond 23cents.
Please correct me if I am wrong !!