Buying on the market transfers money from the buyer to the...

Buying on the market transfers money from the buyer to the seller of the shares. Such transactions do not benefit the company.

Whereas participation in the CR provides funding directly to the company, allowing it to raise the capital required to achieve it's business goals. Investors who own shares in the company with the expectation that it will go into production realise that capital is required to fund the development program.

If there was an option to either transfer money to a seller of shares or transfer money to fund the development program, then investors can decide.

Investors will also value the free options (1:2) and price them into the effective share price. Given that the options are not exercisable for 2 years at a price of $0.03, investors will need to also consider the possible share price two years hence (as the chemical comes online).