I will let my options lapse rather than trade them on market or...

I will let my options lapse rather than trade them on market or exercise them. This way less dilution for whatever it is.

According to the Prospectus, management can place the shortfall (if any) up to 3 months after the offer closes.

From page 11: "The offer of any New Shares and attaching free New Options under the Shortfall is a separate offer made pursuant to this Prospectus and will remain open for up to three months following the Closing Date."

That would put the shortfall closing date after the expected due date of the PFS. Should there be a positive PFS, and should the market respond positively (always hard to read what the market will do), then I suspect they'll have little problem allocating the shortfall.

PS: Should that scenario play out, then existing shareholders may well consider contacting HAV management with a view to taking up some of the shortfall. Doesn't hurt to ask.