why extend the options or do a deal, page-2

last year is history. The main reason you issue options is either to sweeten an issue or cause you actually want the cash from the excercise. In Ranges case it would be the latter - I reckon they would be percieved quite differently if they were sitting on $60-70m in cash right now and a SP between $1-2 so a mkt cap of 300-500m - but then again you have actually have something like oil or minerals to make that possible!