re: options underwritten - lockcrap Scenario for the ignorant:
None of the options are excercised by the holders and all lapse.
TAW makes a new issue of 17.7 million (approx) shares to the "underwriters" at 60c. Effectively "underwriting" any shortfall in the take-up.
Pretty simply really, but guess you already knew that lockcrap!
PS welcome to HC and what a contribution your first post was.