I believe they have the option to convert in-the-money options without paying cash.
Taking CG for example - He had 500,000 options with an exercise price of $0.40. If we use the 5 day VWAP of NVA of $0.89, these options are worth $0.89 - $0.40 (cost to exercise) = $0.49 each.
These options are then exchanged for shares using this option value of $0.49.
$0.49 x 500,000 = $245,000 (This is what CG’s 500,000 options are worth)
$245,000/$0.89 = 275,281 shares (This is how many shares $245,000 is able to buy)
NVA Price at posting:
90.5¢ Sentiment: Hold Disclosure: Held
