I am yet to see the offer detail (where is it posted) - (I'm trying to catch up) ... seems it's 1:20, $4.50 exercise price, 12 month expiry, call option - right?
If this is the instrument then it's hugely bullish as the company will get little/no money in if the SP is under $4.50 in 12 months ... but it rewards all shareholders now on a pro-rata basis if the SP rises through $4.50.
It suggests to me that the company expect a SP of $4.50 is already a "done deal".
RAC - Charts & Price Action, page-5637
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