repap: Your enterprise valuation model to determine the benefit to be derived by the company was certailny of benefit to me and to others too, I am sure. But, there is always a but!
To determine the EV, you use the share price at which it trades. Having done that, you went ahead and compute the benefit that the company will derive from the capital to be raised. You did this initially when the shares were trading around $2.50 per share. Since then the shares have appreciated markedly to around $3.30 per share. So, did not the increase in shareprice thereby account, even partially, for the benefit to be derived by the raised capital?
Therefore, the current shareprice already accounts, to some extent if not fully, for the benefit to be derived from the capital that's being raised. In my opinion, therefore, you cannot repeat your calculation using the current shareprice to determine a benefit that is already reflected in it.
As I said, much appreciated your EV calculation.