How Do I Calculate Average Share Price?

The answer would be 11.6c per share. Simple math:

3,000,000 times $.108 per share = $324,000

50,000 times $.60 per share = $30,000

$324,000 + $30,000 = $354,000 divided by 3,050,000 shares = $.11606 per share.

Although to be honest I'm not sure why you'd be making the additional 50,000 share purchase at almost 6 times the cost of the first 3 million shares. Hmmm....

Though it's not always the case, usually people average down the price,so they will make more profit when the stock price goes up (assuming they take profit at the higher price). Buying the dips is one of the long term investor strategies. As you can see from the other answer your average will go up from 10.8 to 11.6 if you acquire those additional 50K shares. Is there a reason for you to average up at this point?