Ann: ECT Board Approval of Research Collaboration Agreement, page-96

Has anyone considered that the options, even the ones at 0.009 purchased for 0.001 means the break even price on cost alone is around the current SP?

That also means if you purchased the options at 0.001 you would need around nine times the amount for purchase right now to get the discount, plus investors have already been smashed with interest so I doubt most people would have that kind of capital lying around.

If they did find the money (i.e. borrow) they would be quick to sell on the market so they could repay their loan and save themselves the future interest they would have otherwise been smashed with.

Basically what I am getting at is that IMO if people were participating in getting this discount there would be a few motivated sellers. Let's take a look at the scenario of 10,000 dollars capital at the lowest possible price with interest over a 2 year period. (These numbers will vary by a few digits because I haven't used exact values for interest or the discount, but let's say the discount is no interest for the final year of the loan and interest is 13%)

Capital $10,000
Purchase price = 0.001
Number of Options = capital / purchase price 

Options 10,0000 / 0.001 = 10,000,000

Conversion price = 0.009
Cost to Convert  = Number of options * exercise price.  

Conversion cost 10000000*0.009 = $90,000 

Interest = Payment of ~13% (from 11% interest+ 2% fee) over 2 years  
Interest $90,000 *(0.13*2) = $23,400

Total Cost = Capital + Cost to convert + Interest fees etc.  
Total cost $10,000+$90,000+$23,400 = $123,400

Break even price = total cost / number of options
$123,400/10,000,000 = 0.01234

I haven't dealt with options before but I think that's what we're looking at in a best case scenario. All just IMO.