Ann: Jambreiro Iron Ore Project - Pre-Feasibility Study Results, page-301

In the money or out of the money . IMO , it really doesn't matter a whole helluva lot. Because at this stage , and as previously stated , it will most likely be more about the FOMO of missing out and / or potentially loosing in the absence of ' NOT ' converting ones OB's

As I've shown in the numbers previously ......over 450 million OB's had changed hands in just over the last year .......with a large number of them being exchanged at prices ranging from as high as .008 right down through .005.

So if a holder believes the stock will break .01 and trades higher in the short term on potential favorable news and have paid say .006 for the OB's previously , then it may be in their interest to take up at .01 - save the loss - and hold for the imminent gain. Either way it achieves more or less the same result if they were to dump their OB's at .001 should there be a market and BUY the heads at .009.

Given this fact , what me might be seeing by the seemingly continued drag on the SP is the selling off off by holders of the heads so as to convert on their OB's in greater amounts. However , in this scenario , I would assume that longer holders could be taking a similar ' Hit ' on their heads given the possibilities they purchased at higher levels than currently reflected in the SP presently.

So I guess we will start to soon find out which of the above scenario's is more dominant when the conversion of OB's start to ' trickle in '. One thing is for sure , and that is once the ' overhang ' of the OB's is potentially put to rest , the heads should almost certainly in my opinion be trading around the 1.5 - 1.6 cent level. On the flip-side , if they are converted in their entirety or en masse , the SP should be trading at potentially 2.0 cents and above in the shorter term , as obviously this effect would have been brought about by significant news.

All the best people - Interesting times for sure......It's times like this that constantly ' 'underwrite' the reason's why I do this......