Just clarified for my myself. Mistake in my last post. Pls...

Just clarified for my myself. Mistake in my last post. Pls advise if I have anything wrong below .

I checked the announcements and saw shares on issue is about 142m and options on issue is about 47m at a 25 cent strike.

At 19 cents, 142m times 19 cents is about $27m. At this price EV, if undiluted by options and if current cash holding (9.5m) is taken out, is $17.5m

At 19 cents, if the options are exercised (although not sensible when share price is 19 cents) the company would have an extra $12m in cash (47m times 25 cents). So EV would be about $5m if you back out the cash.

If the share price reaches 30 cents and all options are exercised, the company will be capitalised at $57m ( 189 times 30 cents) and will have an EV of $36m if you back out the cash (21m).

If the share price reaches 40 cents and all options are exercised, the company will be capitalised at $75.6mm ( 189 times 40 cents) and will have an EV of $54m if you back out the cash (21m).