The market knows that they need to raise cash. Even if the share...

The market knows that they need to raise cash. Even if the share price rises to 30c you would have to have rocks in your head to convert the options 7 months before exercise date, unless you just had the cash laying around. Those that need to sell shares to fund the option exercise will wait for the highest possible price to exercise.

For example;

MMA sp 30c
sell 100K MMA shares to exercise 100K 30c options.

MMA sp 60c
Sell 50K MMA shares to exercise 100K 30c options realising an additional 50K shares.

In my case, I have to find $40K. That money will come from selling MMA shares or other shares. The downside of the option conversion is that the new shares issued as a result of the 30c option conversion that entitles the exerciser to the free 60c options are escrowed for 12 months.

Selling shares at 30c to exercise 30c options is just providing shares to someone that wishes to accumulate at a low price. In fact, it is capping the share price. Not sure why MMA have not pulled the trigger yet. After all, we are only talking about 15.9M shares (10%).