Thinking out loud here, ignoring the 20c options these guys have currently:
62m shares on issue plus 14m performance shares escrowed until 2013/2014
So right now they have 76m shares on issue and market cap is about $7.6m, with $1.4m cash at 30/9.
But they can issue up to 25m shortfall shares by 30 Nov at 10c.
I predict that news will start flowing (there's a bit going on), plus BRR interviews and maybe an updated RM Research report released, ensuring those shortfall shares get placed. 10c is a fair price to entice given what is happening and if completed will keep the company going for some time.
MNE Price at posting:
9.9¢ Sentiment: Hold Disclosure: Held