understanding the placement offer. help

just going back over the placement offer that expired 7th jan and trying to understand it as someone who didn't have 12/2009 options.

did it work like this:


EXM wanted to raise $7.8 odd million
so they were gunna issue 259 odd million shares @ $0.03/share

but firstly they gave dec 2009 option holders the option to exercise their options @$0.03 before 7 January 2008.

if there weren't enough 12/2009 options exercised then the company would have made the difference with a placement of shares @ 0.03.

in the end they raised the $7.8 million with enough people exercising their 12/2009 options, who, to sweeten the deal got one 12/2012 option for each of their 12/2009 options that they exercised.

therefore EXM did not need to flog any $0.03 shares to raise the $$$$

Also what was the 12/2012 option issue price that the 12/2009 exercisers received? the market has them at $0.017 i guess.

sorry if they seem dumb questions, just trying to get my head around how it worked...

does that now mean there are 1,252,025,446 shares (including Yilgarn Project) plus the 259, 956,451 giving 1,551,981,897 shares for a market cap of $41,903,511.2 at today's close plus the value of 12/2012 options