Representing 25% of the total diluted register - pretty big chunk of options which is +ve and -ve. 118m options at 15c is a serious chunk of change if converted, but of course, then there is overhang. Additional good news is it means they do not need to raise as much. Question is at what price will they get the additional capital needed. $20m - $25m, all at once, at 45c minimum would be good. Removes question marks on cash requirements until end of next trial.
Ann: Application for quotation of securities - PAA, page-5
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