Ann: Option Prospectus, page-11

keep in mind the option at this time are to exercise in 1 years time, not now. so and use of fund will be for then.
the expectation is that other drill etc will have good results, and hence the SP will be well up at that time - so people will wont to exercise becasue hopefully option price will be lower that the ordinary share at the time- if things haven't boomed by then, the extra options if exercise will dilute SH value- ie more share
but we expect some good result before then, we only have to up 1 cent to get to the option price- but not liking for me as i have the 4 c option so need a price just under 4 in a year to break even.