You may be right cara but my reasoning is as follows:
1) Some holders already sold some of their shares for 2.5 cents or higher, and they may be planning to buy new shares at 2.5 cents (plus free options). 2) If the well is a success, the share price will go up significantly and holders will start selling some of their shares in the hope of buying more at 2.5c. 3) Even if holders don't sell their shares, there will be a high incentive to grab more shares at 2.5c once the share price goes up.
If the share price goes up to 4c-5c then people will be using their savings/selling other shares to buy new shares. It will be interesting to see the results of the offer
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