They don't need to be in the money but they'd want to be close....

They don't need to be in the money but they'd want to be close. Assuming the strike price remains 35c, then a sp around 30c is still decent leverage. So the oppies would be sellable and return decent coin imo.

At the time it was said 3c issue price and "similar" terms to expiring NKPO, which we inerpret as being 12months and 35c ex. It was also said that it would be AFTER the JV which means higher sp.

The ratio is still the unknown. We hypothised from the 100mil to be issued, and NKP being on record that it would apply to NKPO and NKP holders. We were hopeful of 1:1 for NKPO and less for NKP holders.

Now we've heard reports that the ratio will depend on the equity structure post JV. Implies the JV might take equity or maybe it was implying DRA would dilute us? Either way, the ratio still remains the big unknown.