hey, no, the 222,000,000 is what is available on the ASX as what...

hey, no, the 222,000,000 is what is available on the ASX as what is left (ie not yet converted). As others have said, there were approximately 265,000,000 initially issued.

The company didn’t raise any money from the options initially. They get the money when people convert them into shares at 4c. It was a free option attaching to a rights issue. They would have made money from the capital raise, but not from these options when they were initially issued (ie they didn’t sell them, it was a free option). These options are to purchase shares in the company. When you convert the share, it gives the money to the company to get an ordinary IHL share.

Hope that clears it up.