it's 1 option per 2 shares with 36 months expiry. so you're effectively getting the ability to buy 1 share per 7 held and get a free half option thrown in. presume they'll round up.
I'm not sure what you mean by "a total package of 51.9c", it doesn't make sense.
you should deduct the value of the option of the share price. assuming the options are valued at 4c then you're effectively buying in at 22c. obviously the options have no real value until the exercise price is reached. hope that helps.
$36.8m raise, page-50
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