Is the glass half full or half empty?
120M HEGO were issued (bonus i.e.free), approximately 50% were exercised.
BUT... 55M HEGOB were issued and fully subscribed, so you could argue that these have replaced the HEGO not exercised.
With an exercise price of 25c on HEGOB there is a BIG incentive for HEG to get these over the line, recoup the $10M lost from 'lost' HEGO and some more besides - by delivering on all the good news they are announcing, which it appear is starting to happening.
Perhaps the glass is full after all?
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