the options are basically worthless until the s/p hits 1.2c and...

the options are basically worthless until the s/p hits 1.2c and I would think that the company would expect that price after S32 sign up, people will still buy options cheap for the leverage they offer for those that believe the s/p @1.2c is a mere formality.
I've got 2.25 m free options that i'll sell app. 6 months before ex-date and hopefully the company has done plenty of drilling that will prove up the potential of riqueza and the s/p will be around 3-5 cents and the company will reap a windfall of cash when the options are converted.
the company would expect at 1.2c they will make good money for other projects while offering value for those that hold to convert, I had options 8 years ago with GOR that cost me 30c to convert then sell while the heads were 60c.

regards timmo