Ann: Investor Presentation - ASX Small & Mid-Cap Conference 2019, page-120

The 1.5 million Series D options belong to Andrew Cornejo and were issued at the IPO.

I think there’s very little chance Hazer would rely on ex-management to see them through, so all those options have probably become nice-to-haves.

The company seems to be getting a lot more investable, though. It’s been heavily retail-driven, so now could be an attractive entry point for an institution. Alternatively, funding could be provided in conjunction with the CDP partners, or the mooted Asia deal.

Moreover, we don’t know yet if Hazer will need to divert any of its own cash pile into the CDP. If not, they should have enough in the bank for at least a year, I believe. This would give them time for a cap raise at a decent SP sometime next year.

MIN might convert their options, but perhaps only enough to retain their present percentage holding. (Would they go the whole hog and try taking Hazer over? Too early for my liking.)

All guesswork, but with its ARENA endorsement and overall promise, I doubt finding cash will be much of a struggle, and hopefully without much dilution for us.