The original funding would provide a total of $8 MM, while the new funding will provide a total of $9.5 MM. This additional $1.5 MM / 37.5 MM additional shares = $0.04/share, which was the purchase price in the original funding for $3 MM
This is where the mistake is. All NEW warrants are at .12c per share period.
$4.5 Mill / .12c = 37.5 Mill shares = the fully subscribed NEW warrants.