Ann: Notice of Expiry of NXROA options, page-9

Theoretically you are correct but the more options exercised the more money they have in the bank and the more money in the bank adds value to the share price and market cap... It's not as easy as to say the options will dilute the register so the share price needs to be x cents... Even with the dilution, we will have $3m in the bank + whatever we have at the moment and in a much better financial state than now... With around $3.5m in the bank we should be worth much more than current market cap...