I reckon it'll be a LONG time before the "free" loyalty options...

I reckon it'll be a LONG time before the "free" loyalty options are worth exercising, if ever.

When COB's cash runs out, they will have to have a capital raising, and it's unlikely that would be at a price anywhere near 25 cents a share. Anyone who's held small-cap miners knows that their share of the capital gets gradually diluted as the company seeks to bring in new capital, often at a price below market SP.

The options may never have any value. Most recent IPOs I've seen that offered "free" options had an option strike price the same as the IPO SP. The COB process here was therefore very clever, in that it gave the impression that the SP will rise making the options valuable.

The 3 month embargo around the options is really a bit of a joke, put in place in the hope that people wouldn't stag their shares. But the smarter investors would have realised that their was no likelihood of the options ever having value.

Once again, we are reminded that the people who gain the most in any company, and any IPO, are the BOD. The rest of us are there only for purposes of liquidity.