Ann: Galilee Strengthens Balance Sheet, page-9

I have mixed feelings about this

The good:
guaranteed cash injection by the exercise of these 0.75c options, cash is good for (potentially, and hopefully, soon-coming) production and exploration of newly granted areas ( have we seen plans for this?). Approximately, 17.8 m options x 0.75 = $13m -5% fees = $12.35m. However, if I understand corrected Canaccord no need to subscribe more than 2.9m options? about 16%. Why capped at such low numbers? Are the management confident majority of these options will get exercised?

On a separate note, according to this ann, 17.8m option @75C is covered? but according to the last appendix B, there is about 18m options @75c, what happened to these 0.2m options? did it get exercised without announcement?

The not so good:
Lack of confidence from the management that 0.75 option will get exercised (partly or in full), as the down streaming share price lately. To mee it shows the company in need of cash, perhaps getting ready for the exploration of new areas. I would expect the next production update would not be a so impressive one

Overall, the fundamentals have not changed, in fact, progression as planned quite well.