@Gharp, these are the questions I ask myself:Did they have...

@Gharp, these are the questions I ask myself:
Did they have trouble raising the $15 million in the private placement? Also that placement was increased from $10 to $15 million because of strong demand.
Is the company in a better or worse place since that raise? I would argue slightly better with the fluid sample result and recognition by Wood McKenzie. Also we are closer to 3D and flow testing.
Will larger holders (including those who participated in the private placement) oversubscribe because they are unable to buy the amount they want without pushing up he price, and because their primary interest is the 'free' options?
Can those with the deeper pockets see the dynamic at play here, whereby the main cloud hanging over IVZ is funding uncertainty, and when this cloud is removed they will expect a quick share price recovery (say to mid teens).
Finally, even if you take the short-term view that it didn't make sense these past couple of weeks to subscribe because it was cheaper to buy shares and options on-market, that argument no longer applies (i.e. currently trading at 11.5 cents and 4.6 cents/2.3 cents equivalent for the oppies). Further, people can still send their money in today. Don't underestimate how many people leave these decisions to the last minute.
You may be right Gharp, but I wouldn't be surprised if they get the full amount.