You ain't seen nothing yet!, page-4

So,

400M Shares on issue
158M vendor warrants which is going to be convert: 73M with strike of $0.094 for face value of ~$6.86M. Expiry 17 Dec 2017; and 85M with strike of $0.16 for face value of ~$13.6M. Expiry 17 Dec 2019
A$34.7M VENDOR DEBT
A$5.2M CASH

Taking all into account, at SP 30c the EV is 176m, which is still cheap compared to CLQ AUZ but less attractive that I initially thought. I'm looking into vendor to see if they will dump on market upon conversion of warrants. Hope not.