Ann: Notice of General Meeting and Prospectus , page-13

I would be interested to hear what they say jbmurc if you wouldn't mind reporting back once you've spoken with them. In my opinion the deal looks unfair for options holders. The wording in the document points to the directors potentially having the opporunity to select the reduction in the exercise price...

The fair value calculatations are very conservative figures and based on lower Silver/Gold prices in the future.

I would think a fairer evaluation of USNs value to ARD holders would be to wait for two weeks after the transaction takes place and take the average price of USN over this period and reduce the options by the equivalent value for each ARD holder.

Using a conservative valuation like they intend on doing may end up putting the options out of the money come expiry...