Surges i do not believe your post is well supported by facts from recent announcements dating back mid 2015..
Are you not yet aware Surges of the $30M debt facility for funding Indian project startup? Also are you not aware that on conversion of remaining outstanding options there is over $20M cash to enter ESI bank account.
There is a dichotomy in your post: in one sentence you pronounce this company has poor track record in dilution last 2 years, hence contributing to your concerns about further dilution. Then the next sentance you declare your congratulations for the company progressing to the signing.
Can you not see that by issuing the options series A and B the company has raised funds for operations whilst progressing the indian project (for which you congratulate them on the impending signing), whilst also providing for a large ($20M) cash influx on conversion, to assist infund the project startup costs.
However I do agree that blue sky will only truly be realised once further announcements are made following signing - which the company has already indicated there will be such announcements forthcoming - regarding commercial aspects including funding.
Specifically, what could blue sky look like for ESI? Lets consider India on its own for a moment...and a single lonely matmor plant - just one - to keep things simple. All hypothetical of course. Just to examine what such a scenario might look like, on commercialisation...
Assuming NET earnings are split 3 ways among each partner, how much annual profit would a 3.0 TPA Matmor plant create, on a $150 Per tonne margin?
A: $150M
This is ONLY one single 3mpta plant.
Heres another thought. Divide that 150M by the maximum ESI shares possible on issue after all options are converted.
You get 3.3cps, if all earnings distributed, that would be the dividend paid per share from ESI's share of earnings from a single 3tpa matmor plant.
Even more amazing when you consider that the stock is currently 2.4cps to buy.
(20min delay)