You may be correct.
We will see if they manipulate the price to spread the margin to give more incentive to exercise.
Since the new funding the opps have been mostly1.2 cents below the heads.
For years before that it was 1.4-1.6 because they needed cash most likely.
It will be interesting to see how it plays out.
Ann: Commencement of Feasibility Studies for Salinas Project, page-46
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