I'll take up the Offer, page-2

Yeah, Denton, I'm in as well.

Things I like about the offer:

1) It's not overly dilutionary - existing shareholders taking up the 2 for 9 offer will retain the same percentage holding in the company
2) The free options - if the share price hits 14 cents in the next two years, then holders will have doubled their money (6 cents on the shares plus 2 cents on the options = 8 cents)
3)Put these together, and it seems as if management are looking after existing shareholders - making sure they get rewarded if the price spikes - rather than flogging a boatload of shares to some johnny-come-lately vulture fund. Of course, board members in this company own significant amounts of shares themselves.
4) There's a sense (and maybe I'm looking through rose-coloured glasses here) that management is confident of securing a partnering deal within the next year or so and has only sought enough money to get through negotiations.

That's not to say it's without risk - far from it. DYOR etc

But, like Denton, I'm in for the ride.