Ann: Metgasco Concludes Financial Exposure to SM74 Drill Program, page-15

As an outsider looking in it looks as though MEL excercising the options was in the best interests of BYE.

But looking further i guess BYE needed the money and MEL already have a holder in BYE so were dammed if they did but dammed if they didn't.

I guess MEL took the option that buying a few cents under market was better than BYE having to raise further capital at a more substantial discount which could of impacted MEL backing via existing shareholding in BYE. A stange turn of events just goes to show how close both companies are sailing to the wind in terms of funding ....