No one wants an undersubscribed raise. So the discount is just enough for SIs to not even ask their broker what stock it is. They know they're in the money and will rinse.
Treat the options as delayed funding if the drill hits. If results suggest something around best estimates then price goes immediately 3c+ and the options will get exercised, delivering cash to help fund further development.
In terms of timing, it's all about the story. They may not have one after the drill. It's the same play industry wide.
If the drill is another Xanadu then I'll be happy getting out at 1c.
Ann: Trading Halt, page-67
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