I think they will work on drill program while subscription of...

I think they will work on drill program while subscription of options remains open. However, we will not know the drill results until several weeks after close of option subscription. So it is not a free ride. That is if results are good and share price gone above 2c (exercise option price) than you want to subscribe options at 0.1c.

You either subscribe options or you don't. Nobody knows the drill results. I prefer get drill results first than subscribe options as it is much more fairer because initially I got those options for free and because of delays by the board (not shareholders fault) I have to pay 0.1c to get my originally free options back. A bit of insult.

If you read prospectus (page 4), BMG will collect $346k from issue of options and I think only cost $25,600 to issue options ie company actually make money from issuing options ($321,000 profit, which will go into paying JV US$250,000). That might explain why they still hold on to their cheque.