Yes that's right, if the loyalty options issue proceeds as planned per the prospectus, holders from the record date from 3 months of listing (7th July) will be entitled to take up the 1 option per 2 shares issue.
All this while we have a MC of below 9M with 5mil cash and have just finished drilling a highly prospective tenement for gold - absolutely no value being factored in at this MC. Any kind of decent gold strike and hold on. Horse Rocks tenement 2Q gives end of June, news could drop at any time that it's been approved. The fact that the Exec director was confident it would be granted in May likely means sooner rather than later. The market dislikes delays but any whif of decent news will send this to a MC that reflects the value in play. Two directors from AZL at the helm. Amazing opportunity at this price IMO.
