The market will price the new shares as the market sees fit. Having said that, here is another scenario to contemplate ...

I think these numbers are more or less correct, based on the info on the CMM and WTG sites:

CMM: 471389180 shares at 0.19

WTG: 115405215 shares at 0.80

So if the overall market cap of the combined company is to remain the same, then the WTG shares after the merger based on today's prices would be priced at:

( 471389180 * 0.19 + 115405215 * 0.8 ) / ( 471389180 * 0.4 + 115405215 ) = 0.5984