Yea so 200m including performance and then another 20.5m in options (in exchange for some funding of course). That's 220.5m total if the company does well @ 37c is $80.4m in 'implied' market cap given moderate success. If the company really does even modestly well they will dilute a minimum 10-20% further with mgt options etc. pushing that number up towards the $100m range. I don't get that valuation but I don't get it for WHA or BUB either. A2 I get.
