Ann: Offer to RLEOA Option Holders, page-20

Exactly but in SB own words they had "run out of funds". needed to raise straight away? which is a worry when 1Q19 showed well over 1.2mill spare in the kitty going into April
( 1Q10-est-Exploration and evaluation (net) $800k -Staff/admin $280k)

Plus RLE had Loan facilities of up to $700k unused? ...

... but somehow we needed 5mill asap and the 5mill in the OAs pre 15th April was just far too far away

(how I think it goes >>IMHO)
sadly guys ... so too bad OA holders we couldn't let the SP continue to rise and put the OA's in the money... so we had to pull the old "we haven't any money "MUST RAISE ASAP!!"

You see we had a few insto/sophs that really liked the look of RLE and wanted on board and why should they pay the market price ?? insider deals mate helping out mates and all that .. and yeah have some free OB's to go with it ..underwriting OA's well that would have been the honorable move ..but nan stuff'em

yeah we could've