The rights issue will be for current shareholders. Have seen this before and the idea is that it will encourage option holders to exercise their options and also encourages buying of shares. I would argue that it would be better to buy shares at current levels than exercise options. Share price will be above 20 cents soon in my opinion because this announcement added to some other positive news should drive up share price. The reason for drop in share price is because people don't understand the announcement.
CTS
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