price to convert

I notice that they are only buying 50% of an option to lease this new land. Any punters want to venture a guess as to how much it will cost to convert the option to a lease? As I understand it NEO will need to put up 50% of whatever this cost happens to be.
So to summarise, they want to dilute their existing capital by around 200 million shares (plus 100 million cheap options) to afford a $5m share in an option, then they need to find $Xm to convert the option and more money still if they actually want to do anything with the land.
The new options will only bring in $4m and it's anyone's guess if the listed options will be exercised this year (even if the SP goes north of 6c).