Ann: Oar Raises $2.3M for Multi-Project Exploration Program, page-6

Correct. 40 million oppies at an exercise price of $0.03 means the broker(s) now have the right to buy $1.2m if they want to over the next 24 months. I would think that options would be standard practice for exploration companies as they don't typically generate cashflows so that shouldn't be a concern.

All in all I'd say this was a successful raise as there was no big discount like I was expecting. Assays being received in the coming weeks so if positive it could hit the 0.03 range like it did with the last results.