Guys they needed the money to drill last year, that's it. Without it they would not be where they are now, funded for an entire season.
And, If this season goes as well as the company foresees then we will have a large undeveloped resource, and (likely) a share price over 20.
Then, not everyone converts options, some just trade. However, if everyone did gbm would have $22,600,000.00 in the bank which would go along way toward the next stage of development, and with only 332 million shares on offer. 20c would become the bottom SP. Not a cap.
Guys they needed the money to drill last year, that's it....
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