The Offer will be made to Global Nickel shareholders on a basis...

The Offer will be made to Global Nickel shareholders on a basis of one (1) Option for every one (1) Share held at 5.00pm WST on 17 December 2007 (Record Date).

The Options will be exercisable at 20 cents each on or before 31 August 2009

Stock is around 36c

U pay 1c for the option

If the excercise price is 20, stock at 36.
36 less 20 = 16 less 1c u will pay for them = 15c

so your 1c option will be worth 15c (15 times ur money)

Look at MNC code... 2c option are already 30c
up 1,500% on the same play!

GNI are doing a similar play