Yuro yes those director options will have a dilutionary effect if exercised.
Yes they were issued free but the exercise price is between 3.3 and 4c and can be exercised up to 2011.
They wont be exercising them unless we see the s.p. back over those prices.
Therefore will be no dilutionary effect until that happens.
Given the time frames I'm positive that they will be.
Yuro yes those director options will have a dilutionary effect...
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