The share price will take its course and generally trend lower...

The share price will take its course and generally trend lower at these times because there will be some people who buy the oppies, sell the heads and convert the oppies for a quick profit. This will inevitably drive the price down. How far? Well theoretically, the lowest it should go should be 30c. Also, now you must consider the fundamentals. CAP is going to have 22mil in the coffers. They have ~ 90 million shares on issue. @ 35c, that makes a market cap of 32mil.

Are all of CAP's projects and BMG's future cash injections really only worth 10 mil??

I have learnt the hard way because i have bought oppies at a high average. If you want to take a position in a company like CAP, WAIT until oppies expiry time. Perfect opportunity and lesson learnt.

Don't forget about the fundamentals and what makes CAP stand out from the crowd is our good friend BMG and their support to see us through to production and allow us to retain 20% equity interest.