Inigma Inc., is a startup company formed 2 years ago. As part of a series A fundraising round, Timits LP a VC firm has issued a term sheet for the proposed deal. Pre-financing, Inigma has 12M common shares owned by the founders. In addition, the company has issued 2M common shares to its employees (an ISSUED employee stock pool). Timits term sheet includes an additional 1M UNISSUED common shares (an UNISSUED employee stock pool). This yields a total common share count pre-financing of 15M. Timits proposes a series A investment of $12M in 6M shares of convertible preferred stock. The series A can be converted to ordinary stock on a 1:1 basis. What is the pre-money valuation?