GPNOA expire on 31/5/2008 at 3 cents;
GPNOA holders will get an entitlement for new options for $0.0025 (quarter of one cent), expiry 31/5/2011 at 4 cents.
GPNOA holders have three choices;
1. Do nothing and GPNOA are worthless;
2. Pay 3 cents to convert your options into shares (GPN)- Not worth while;
3. Optionholders pay $0.0025 and get a new option which expires 30/5/2011 at 4 cents.
In simple language, the optionholders will get an extension of time by three years, where the exercise price goes to 4 cents by paying $0.0025. Do nothing and your options are worthless. I believe the new series of options will start 1/6/2008.
A very good way of raising money without issuing more shares and options. I.e. one lot of options expiry and a new series of options take there place.
GPN
greater pacific gold limited
