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.
he would be just doing the following: if you were willing to buy...
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