It is not a dilution of that scale, as it replaces 4m free shares with 15million 12c shares that will only be taken up if the share price is over $0.12 (or over 16c for some of them). If the price at vesting is under 12c nobody will take up the offer, so no dilution.
So I think it is a substantially better deal for shareholders than the original 4m shares.
in any case, it suggests the CEO is extremely confident the share price will be over 16c within 3yrs.
It is not a dilution of that scale, as it replaces 4m free...
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