$79m shortfall, page-18

Because the company engaged the services of the under writer I'm of the view they raised $56.5 million. Yes the options are worth money so it's not like those holding have paid that 31% premium but that's neither here nor there as far as the company is concerned.

If the options expire worthless the 31% premium stands, if the share price is $3.10 in 2 years and all options are converted the company has raised $113 million at no premium less costs. That's a hell of a lot better than most companies that raise funds with sophisticated investers at a discount.