shares on issue does not matter at all.
in fact it helps with liquidity.
look at it this way.
if you have an apple and cut it up into 4, you still have 1 apple.
if you cut it into 8, how many apples do you have.
what people look at at, or should do is market cap and more importantly EV
Yes if the options are exercised it will increase market cap but not EV
Ann: Sherlock Bay Drilling Underway Testing High-Grade Nickel, page-111
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