Exactly. We can taken the non-fully diluted number of 194,000,000 shares since warrants or options aren't in the money to be exercised in advance of the agreement.
Math is pretty simple as you state...
$14,000,000 (using $1.36/share of CQE(yesterday's close) / 194,000,000 = 7.2 cents
This of course assumes there are no other bidders. Safety net in share price is therefore about 7 cents as that will be paid out in CEQ stock directly to shareholders.
Great risk/reward under a dime.