Ann: Full Option Exercise Underwriting, page-6

So Underwriter picks up FPO shares at $0.003 whilst shares are currently sitting @ $0.005 to $0.006 and the option holders stump up a loss to subsidise the Underwriters FPO shares. Given the delays in drilling and lab results that have beset so many resources companies lately, why not extend the exercise date/options expiry. The company may wish to guarantee the $5.762m funding inflow from the potential exercise of all of the MRDOB options by 30th Nov 2022 however this arrangement does not reward those option holders that have stood by the company awaiting results/news on whether the REE resource is economic and dilutes the existing SOI by adding nearly 33% more shares. This is effectively a capital raise at option holders expense. Just another day on the ASX...