Ann: Pre-Feasibility Study Further Improves Poochera Economics, page-202

Hi Buffetbar, your thinking is along the right lines. a few finer points for your consideration.
App $8.~ million will be added to the company account once all options are exercised. the mkt cap should increase by at least that, in simple terms, but that $8m will be used to generate greater returns thus, hopefully, adding further to the mkt cap. it's a stretch to say that the mkt cap will be diluted by the same % of shares issued, it's just not that straight forward.
have to go cook bbq now but more on exercise price after dinner.