Ann: Mid West Clean Energy Project Progress Update, page-2

Following previous announcements (refer ASX 30 June & 11 July 2022), 8 Rivers Capital has closed on its strategic investment of A$500,000 in Pilot in exchange for 29,411,765 ordinary shares in the Company and three-year options for 14,705,882 ordinary shares exercisable at A$0.033 per ordinary share.

This caught my attention
so for investing $500,000 into this project 8 Rivers Capital has received 29,411, 765 ordinary PGY shares valued at A$0,017 per share + one free option for every 2 shares held being 14,705,882 options exercisable at A$0.033 and expiring in 3 years [Nov 2025]
The implied expectation is that the options will be in the money in 3 years time so the SP will have doubled from today's close. Should 8 Rivers Capital exercise all of its options it will have to outlay approximately another A$485,000 and will end up holding 44,117,647 PGY shares and at a SP of A$0.033 would be valued at over A$1.455M
I guess this is the advantage of getting in at the ground floor of a new business
AIMHO & DYOR