Ann: Completion of Warrior Acquisition, page-10

Greenie, this is not quite right....

"The Options execute price is 10 cents. This will need to be reached by 31 Oct for you to execute."

An option is a legal right to acquire a share upon payment of the exercise price prior to the expiry date. There is no obligation for the SP to reach 10c in order for Les to exercise an option. He can legally exercise an option regardless of what the SP is on or leading up to Oct 31.

It is correct to say that it doesn't make much sense financially to exercise options where the SP is less than the exercise price but there is certainly no "need" legally for the SP to be at or above the exercise price in order for that to happen.

As the word suggests, an option is just that, an option at the discretion of the optionholder.