No brainer - if you have for example 100,000 options at .20c to...

No brainer - if you have for example 100,000 options at .20c to excise that's $20,000 you need to come up with.
If the share price is .185 you would be a fool to excise at a cost of $20,000 when you can buy 100,000 heads for $18,500 and save yourself $1500.
most people will wait till the death knock and excise only if the share price goes above .20 if not they'll let the options expire and buy on market or not buy at all and just walk away and try there luck on another stock.
I own share in MXR and want nothing more than to see the share price to go up but lets face it we all invest to make money.
Only a fool will excise at a cost of .20 when the heads are less.
Now management wont want that to happen so watch this space, a positive announcement can't be to far away.