he would be just doing the following: if you were willing to buy a share + option at 0.13 & immediately sell the share at 0.09, then the value you place on the option is at least 0.13 - 0.09 = 0.04.
with that said, sale of the shares at a price you want is not guaranteed (it's a gamble you take buying into the raise, if this is your plan), so the value you place on the option may well below this also.
Ann: Investor Presentation, page-26
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