Hi, of course not everyone would exercise their options when the stock prices hits 3c+ and I agree that long term investors would ratheer wait till the last moment before exercising their options. However in the case of BSM, it would be naive to think that options wouldnt start to be exercised (and shares dumped on the market) once the stock price hits 3c+ expecially by patterson/bizzell investors.
Hell, many of these guys were impatient and dumped already many of their shares at 1.3c - 1.4c for pennies profits, why would they not take somee serious profits as soon as possible by exercising their options once the sp hits 3c+ ? I would be extremely surprised if the SP hits 3c+ and yet options do not start to be exercised.
We may argue about the percentage of options that would be exercised in 2017 (if the sp hits 3c+ which I do believe it will, actually my target is still 7.5c+ by end 2017) VS 2018, but many participated in capital raises for quick profits and little risk and cannot be called long term investors, they are risk averse and will take the opportunity to exercise their options as soon as the opportunity arises. Time will tell though.
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