I'll do it from the companies perspective so you can compare the two batch of options. However, your question isn't clear to me.
The maths for MTM value of options is simple: ($0.04 - current SP)*number of options = amount in the money / (out of the money).
The number of options 'gifted' = 1 option for every 2 shares held. They will list with $0.01 issue price under XPEO.
Hope it helps.
RR
L1 Capital Global Opportunites Master Fund, page-110
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