simple maths

Sorry to spoil the party, but I can't see the value at 3.2 cents when the market is going to be flooded with over 200 million shares at 2.0 cents.

Assume buying 2 million tomorrow at 3.2 cents each =$64K
and another .5 million at 2.0 cents each (1:4 rights issue) =$10K the total outlay for 2.5 million shares would be $74K with the average SP of just under 3.0 cents.

No doubt, when the new 2.0 cent issue hits the market there is a strong possibility that the SP will not be 3.0 cents, with every .001 cent drop representing $2.5K, so assuming a not unreasonable SP expectation of say 2.5 cents, the immediate loss would be about $12.5K.

I didn't factor in the value of the options, but I don't think that would make a substantial difference.

I could be very wrong, but I bet that by the 18th May the SP will drop in recognition of the true value of these shares post the rights issue.