The difference in option offers quite adequately reflects the difference in macro economic outlooks between the time of the shareholder offer, and the time of this institutional placement. What good is it to ignore what has transpired for the market? All it does is fuel your bitterness: I'm not sure what good can come of that.
Meanwhile, the shareholders of many companies failing to raise funds right now will look at us with envy. It is all about perspective, and I think you're not picking a very good one.
IHL Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held