dino and liquid it is an interesting point, perhaps the figures are not as good as we think??
A couple of them had a million, so they would need $200k to exercise, they may not have had a lazy 200 to spend, if they were to borrow against the figures in the PFS it would mean having to disclose the contents to bankers, before release to the market. They may have simply thought its not worth the trouble.
My view of the directors is that they are trustworthy.
Rgds
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