Ann: Rex-3 Upgrade, page-10

Yes those options are worth $6m but heads would need to reach at least 1.5c for shareholders to exercise those rights. IMHO because this company is run or influenced by the same mob of the TSV days it is not in their interest to allow that to happen. And it is clearly confirmed in today's announcement that those options are dead. If it is a mistake they should clarify the prospect of a cap raise immediately.

" The loan has a 10% per annum interest rate and is to be repaid prior to December 31, 2020 or from the
proceeds of the next fund raising undertaken by the company."

This is just an opinion and fictional, anyone could make its own interpretation: If I own 50 million options (multiple accounts) I will need to pay 500K to exercise them in order to get 50 million shares. Why not use the same money to participate in a cap raising at 0.3c to get 166 million shares and increase my holdings and decrease everybody else's holdings?

All I can say is that this company lost the trust of the market a while ago and ain't doing much to regain that trust.