Ann: Pro-rata Entitlement Offer of Options closes, page-22

IMO it is impossible to put valuation on RLC or any similar stock at this stage unless someone is using neurology.

I invest in RLC on confidence in management as the only value and current operation is only a small addition.

Good example is CLA. Worthless as Celsius Coal, I purchased options and heads once BB was announced CEO.

Regardless whether is ASX or private company my years of experience tells me one thing:
good management will turn clay into gold and bad one will do just opposite.

Asking $0.10c for option while heads are trading @ $0.04 and trowing personal funds is a sign of management confidence and great summary of needs for funds in the future.

It will not surprise me to see our directors exercising some of their options in the next 12/18 months once their be a need for a small cash injection.

Personally, I rather see a growing company which is planning ahead than one which relay on regular CR with discount shares to sophs creating huge dilution to shareholders.

IMO, those who are in opinion of oppies being expensive are most likely investors who want a quick profit on investment and not interested in longer term.

Not sure if this answered your question but this is my view.