Ann: Fully Underwritten Non-Renounceable Rights Issue, page-3

Yes there will be 78.9 million free opts ..that will only dilute current holders once exercised but will in turn bringing in another 19mill in cash .... likely ex date DEC 15-JAN 16

The opts may well not be exercised if the SP is below 25c ...so no dilution

I personal am trying to buy more @ 18.5c to increase my rights as I will be taking up the CR with both hands

ELM high grade Discovery worth so much more than 60mill ....opts will add a nice bit of leverage to investors involved....