I originally read it as, as they are the underwriters they will...

I originally read it as, as they are the underwriters they will be able to take up all the 0.005 shares if current holders elect to not participate, this means they are also able to partake in the free attaching options up to the full 106m. - Meaning the calculations have an extra 106m options in the fully diluted market cap.

But then I read, the placement is already issued (about 1 min before hand) so they are now eligible as holders to take up the 0.005 placement as well + free options + if underwriting the current free options for holders giving them a possible 200m+ options...


Can someone confirm what is correct?

Here are my estimates for MC and EV.