Ann: Invictus Raises $12m to Support Drilling Campaign, page-32

Thanks, @umw for your reply.

The way I see this cap rise -

Under the Placement, there will be new shares issued for $0.20 a share. This is pretty straightforward.

Then, the Placement participants to receive a free option on a 1-for-2 basis, at a strike price of
$0.35, with a one-year term.
The Placement options are to be issued subject to receipt of shareholder approval.

My query was, if these "Placement options" are approved and become tradeable, why would you buy them while the heads SP is lower than $0.35?
Maybe I am jumping the gun a bit. Since I do not have any Placement shares, I am not too concerned about the options.

If I still have this wrong, do not worry about me. As always, time will tell.