"""if we hold at 30c then argonaut make 50%"""How so? Where does...

"""if we hold at 30c then argonaut make 50%"""

How so? Where does that 50% come from? Who is losing? If you're implying that 100 million options are going to be sold at ZERO rather than ~10c, then that's a bit crazy.

What I'm thinking is that the underwriters are guaranteeing that these options will be exercised (like you said, showing confidence that the shares will be above 20c at expiration) and for that, they make 6%. Pretty good deal for them, I agree. The flipside of that is Atrum must therefore be a little worried that the shareprice might tank in the next 3 months?