Ann: Trading Halt, page-151

You said: "I have never seen 100% options converted at expiration anyone feel free to correct me."

Yes it is rare to see 100% exercised but common to 99.9% "if they are in the money". The reason you won't see 100% is because very small holders with non marketable parcels might forget about them, they might pass away or can't be bothered. But these numbers aren't significant if the options exercise price is sufficiently below the share price. Its all relative to the share price premium at the time. If MLS proves to be a dud then they probably won't be exercised.

Over the next two years the exercise price of MLS options ranges from $0.05 to $0.07 and so the share price will probably need to trade at least a cent above this to attract a reasonable take up, some people even take them up if they a slightly out of the money, I'm not sure why, but they do.

When I calculated dilution it was based on maximum dilution given the existing structure and assuming full take up. It will be less, but if MLS do well, then it won't be significantly less. Projections are never exact.