The company has already issued the majority of those options as...

The company has already issued the majority of those options as per the placement earlier in the year.

Their exercise price is 2.5c.

There are ~15m additional options they are seeking to approve. This really isn't much ($375,000).

The other options issued earlier in the year, equate to $4,276,050 in capital should they be exercised.

Honestly, I view this as an incredibly bullish sign towards the future prospects of MRQ. The directors are expecting the share price to exceed 2.5c prior to the options being profitable. And personally - I wouldn't be quick to cash them out at a 2.6c share price. You'd expect to make a reasonable margin post exercise.

If MRQ realises additional share holder value over the next few months - the options provide the opportunity to directly inject cash into the company, and may delay/or prevent further capital raises in the future.

Additionally, I'd rather performance options issued over performance shares. The shares are free money. The options require management to work for their bonus - otherwise the options are almost worthless. It's a win/win for share holders.