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.