Ann: Appendix 4E, page-10

Just terrible, the same group of companies that formed IAM were making $130,000 more by the end of 2015, than 18 months later.
About 12% of the options were converted by end June 2017
I will be surprised if it closes above 1.2c tomorrow
If you believe in the long term future of this company then tomorrow might be the time to jump on, but with 88% of options left (230mil) if the next 4C shows M1 is nowhere in sight the damage to SP may be permanent. The long term problem is that potentially if they need to do a CR as early as Q2 2018, the SP at that point may mean considerable further dilution.
This is the second announcement hinting at future capital requirements, the first one mentioned for value added acquisition, the one today just reliance on shareholders.
Very poorly managed imo, options should have been at least 3 years out. They need to pull a big fat rabbit that lays golden eggs out of the next 4C in 60 days