Ann: SKN announces $10.5m Options Underwriting Agreement, page-120

Chris, this might be a situation of perception and I may be wrong however I don't think that indicates that the funding is not coming through until the exercise date, it is simply stating that they will subscribe to all unexercised options as of that date. I believe that the funding very well could be coming sooner, much sooner than that. In fact the term "funding" almost suggests it, otherwise it would have likely been headed with "State Securities agree to purchase and convert all unexercised options".

That's just my understanding of it though.

Plummer