NXR rise, page-134

there is also c) that the company calls option holders and asks them to convert early.

usually with options people wait until the last minute to convert, in this case end of December.
also, you still need to pay for your shares at 5c. Sure, easy profit but still need to have $100k ready to go.

I think c) is likely. They could have converted at 9, 9.5, 10 or whatever.

imho, a partner will fund whatever else is needed beyond 51%. The options will fund the 51% acquisition