is that it?, page-221

Hi mcfi,

The excise price will be as quoted - 20, 30, 40 and 50. (ie not an average). You can excise them whenever you like before they are due (not sure of the time) and if quoted you can sell the residual value on market.

There is a high degree of leverage attached to options which make them attractive and the downside in this case is very limited (IF you believed in the prospects of the company). The reality is that many of these options will expire worthless (by that I mean mining in general), but if for some reason the company strikes it rich then the options will be valuable (hard to quantify as you have to take into account the level of dilution versus funds raised etc at each price hurdle.

The fact that there are so many attached options in this case was to make the offer attractive enough. I guess we will find out in a few days whether AVQ are 'in the money or not'.

Cheers
Charlie