t/h, page-16

That's right, so pay 20c and you get 2.5 GXY. These new "investors" can control the company if they exercise the options. It would be like a backdoor takeover.

Who knows what GXY is worth, but the free options have a value. You have to include that in the value of the offer. If GXY is worth at least 8c per share then the value is higher if you include the options. So the shortfall offer is cheap and people are lining up for it.

It's the existing shareholder that gets screwed.

I can see GXY falling to 6.5c, with GXYO at 1c. That would be parity to the offer (6.5c+(1c*1.5)).

I might buy some GXYO at 1c.