Your question is precisely the problem. 100 million shares...

Your question is precisely the problem. 100 million shares diluting the stock and sellable immediately on shareholder approval. The 2.3c sellers at the moment could be massive in that the sophisticated could release their entire folios at 2.3c for a quick profit knowing they have secured 2c stock which they'll no doubt add to the selling later falling back on their 2.5c options again setting them up for a huge profit. The share price wont have to exceed 3c and these guys will make an absolute killing. Meanwhile long-term holders who bought in anticipation and confirmation of the Alcoa deal are left with stock around 3.5 to 4.5c and very little short term hope of getting their money back.
Disgusting is too kind but i don't want to get barred from Hotcopper so I'll stop now.