Just for clarification, I also checked up on the market release...

Just for clarification, I also checked up on the market release for ARDOB, it has an exercise price of $0.025. Total cost to buy 100 000 shares would equal ($0.003 + $0.025) x 100 000 = $2800. Thus if ARD goes to $0.04 and get exercised, I am looking at ($0.04 - $0.028) x 100 000 = $1200 ahead of the curve than if I chose to buy 100 000 shares when the price was at 4c. Difference being that I'm only risking $300 upfront. Profit of 400% on the initial investment, with a decent chance of losing a small amount if the ARD price does not exceed 2.8c by September of this year.

An alternative would be: I buy $2800 @ today's share price @ $0.011 = 254 545 shares. If ARD goes to 4c (now irrespective of timeframes), I'd be looking at (4c - 1.1c) x 254 545 = $7381 profit on my inital investment of $2800. That translates to a 264% profit if I sell at 4c. Risk remains that the company goes bust, but if I don't sell and have the $2800 available, I'm able to ride it out and see a nice profit.

The money at risk upfront is also 933% more though, and puts the 400% growth into perspective. Thus each method has merit, and depends on each person's risk profile?

Would you say this is a fair set of calculations Cumberland?