Pretty Pathetic

This is pretty damn pathetic:
From the Oversubscribed Placement announcement:
In addition, the Company will issue 21,000,000 Broker Options (ASX Code: MCTAY, Unquoted Options) to Canaccord which will be exercisable at AU$0.01 per Share and have a 3 year expiry.

From the Prposed Issue of Securities announcemet:
Please describe the consideration being provided for the +securities
7,000,000 success based Broker Options to Canaccord for every $1 million raised in the Placement or prorata thereof to be exercisable at a price equal to a 50% premium to the Offer price, expiring 3 years from the issue date.

So are they exercisable at 1c or 1.5c???

Either way, if the estimate as provided in the is correct:
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
153,458.500000

Not too shabby, $180k cash & $153.5k in oppies for a $3m raise.
According to my math, that equates to $333.5k in total, or an 11.12% fee.
Or am I missing something here?