The option has a value of 8.5 cents making the average cost per...

The option has a value of 8.5 cents making the average cost per share when/ if the option is exercised of 6.35 cents.
I've had another look at the Capital raising announcement from 31/3. They said at the time "IDC took a discision to raise less funds than previously advised, to retain sufficient equity capacity to allow this investment to occur" (this investment being potential JV).
Made it sound like there were others lined up to buy shares at 9 cents. After this latest raising at 4.2 I'm buggered if I know. It wouldn't appear to have been the greatest plan to nearly halve the value of the company while negotiating a JV.
Any potential JV partner would have to be thinking why give them 100 million for a percentage of Mt Kare. 150 million would probably buy the hole company.