At 75 cents 150 million would give them a total of near 350...

At 75 cents 150 million would give them a total of near 350 million shares which would be enough for a controlling share.At 100 cents they would have 200 Million shares not enough for a controlling share, so I figure an offer of around 80-85 cents with little margin for increasing this without further access to funds.

5-10 million of which could still comfortably be used to drop the share price if they wanted.

I am not sure about the rules regarding significant shareholder notices,I think they are only required to say if the holding drops below 5% which is a long way off yet.

The longer they wait the higher the price they will have to pay becomes (as the risks of the project dimminish)