how does scenario 2 have more value...the total number of shares and the cost is the same? The only leverage is that for the options you will pay much later when you have the cash and also in the event of the SPP tanking, you can opt not to exercise which doesn't cost you anything. However, I expect the SP to go up very soon hence getting the shares at market around 10 or 11 cents is probably the same with SPP.
Ann: Capital Raising of $5.5m to support Cabora Bassa Development, page-173
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