Ann: Capital Raising - Placement and Share Purchase Plan, page-46

Management have more drilling results I'd think. I presume there will have been 'marketing materials' shown to potential investors of the placement. Those investors seem to think 2c is a fair buy in.

You are under water straight away but I presume the option is worth more than 0.1c.

It's probably worth a punt, but with so many shares issued at 2c there will be lots of selling north of there. Getting back to 3-4c will be extremely difficult. Really depends what return you want vs the risk. 

Previously I had thought 10c would be possible with great drilling results. Now I think 5c is about the limit there. Adding 50% more shares/options to the register severely hamstrings any ability for the SP to climb.