I'll take a first layman's punt and say : MRP: 10 c per share...

I'll take a first layman's punt and say :

MRP: 10 c per share valuation.
IRC : 20 c per share valuation.
Hence 2 x MRP for 1 IRC.
So "roughly" perhaps:
MRP existing shares issued =350m (rounded)
IRC existing shares issued =240m(rounded-non dilution)
IRC as the lead coy(assumed) issues new addit. shares of 175m to p/out MRP holders.
Overall then(?):
Merged coy-240m + 175m shares =415m shares x 20 c = new Mkt Cap. of $83m (currently $63m).
Opening trades when merger completed-20 c per share.

Too simplistic ?
Too optimistic ?

PS-Happy to be thrown in the bin as a crazy calculation.