I'm no expert with options and how they effect the share price,...

I'm no expert with options and how they effect the share price, but, there is currently 336.53M shares on issue.

At a price of $0.265 this gives us a MCAP of $89 Million

If you add on the 40 Million of shares (assuming they all get exercised) then there would be 376.53M shares on issues.

At the same market cap of $89 million, the share price would be $0.235.

Whether this is relevant information or not, I don't know, but I guess it just gives an idea of maybe what this dilution can have an impact on in terms of valuations and price.