6% is industry standard. It's always 6%. Giving free options is...

6% is industry standard. It's always 6%. Giving free options is also a way for the company to get additional cash, since they are unlisted, they're worthless unless exercised, and if exercised that's another $1.6m that goes into the company piggy bank. So at current $1.36 price it's a win win. It only becomes a negative if we're trading at $2+ because there might be some supply coming in from the exercise of those options.

Also, 20 day vwap was $1.02 and usually CRs go off a 20 day vwap, but in this case they did it at a massive premium to that. As far as most CRs go, this one is in the upper bracket