Dont lose sight, page-140

Having a big bank balance is only important if they are going on their own. You can only get a big bank balance by getting a large investor in or debt funding the project. Getting the options converted isn't a big bank balance, although it would mean they don't need to go down the Bergen path anymore. Getting the options converted is much more dilutionary than Bergen. If we are getting a JV or a large investor then I don't want the options converted. If we are debt funding then it doesn't matter to me if the options get converted only if we go to production. If we aren't going to production and the project gets sold, I don't want the options converted. These are the options that I can think of, there may be more. There is only one option that I can see where it is ok to have the options converted for the best value to all shareholders.