Round 2:Existing Number of shares on issue: 144,393,865Price Per...

Round 2:

Existing Number of shares on issue: 144,393,865
Price Per share: 34.5 cents
Offer: 1 option for every 1 share
Rights Offering: $0.001 cent option

Number of New Options to be Issued (1 to 1): 144,393,865
Current Market Value (fully diluted): $0.345 x 144,393,865
= $49.8 million
Future Total Shares on issue (after excerised options):
144,393,865 x 2 = 288,787,730
Amount Raised: 0.2001 x 144,393,865 = $28.9 million
New Share Price: (($49.8 million + $28.9 Million)/ 288,787,730) = $0.27 cents

Thus after the loyalty option, the shareprice is going to fall from 34.5 cents to 27 cents, a decrease of 21%. The option price is likely to be around 7 cents due to the share is in the money. This provides you with an investment gain on the options of a 70 factor. I'm pretty sure this makes some sense. Correct me if I am wrong.