Ann: Bonus Options Prospectus , page-3

tell me about it

i thought i was going to be able to get these at 0.1cent.

and they started trading at 4 cents?!!

basically, the holder has the right to send a letter to contango and tell them s/he wants to convert the option into shares.

they attach $1.20 to each option, and get the full shares in CTN, regardless of whatever the share price is at the time

they expire next Feb 28

those paying 4c today need the share price to be above $1.24 to be in profit on the deal

so if the shares trade at say $1.30, and you paid $0.04 for them, you will have made $0.06

CTN shareholders will be happy cos they had shares now they have a free option they can sell on the ASX for a few cents as well.