It might be dillutive if the share price gets a fair bit higher than 10c at the time the options expire. If its only a bit above 10c, then the takeup of the options is going to raise 10c per option that is exercised, which will add a useful amount of equity to the comany at the time around when the mine is being commissioned. That could be a good thing, depending on the circumstances at the time.
Ann: Close of Entitlement Offer and Notice of Shortfall, page-16
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