The options belong to the holders. They are either exercised or...

The options belong to the holders.

They are either exercised or not exercised. If an option is not exercised by the due date, then surely it then ceases to exist. This would therefore mean that it would not exist after 5pm WA time today for it to be reallocated.

What I think the underwriting agreement is based on is that Somers guarantees to place shares at 8c with clients so as to raise $1.25m (= 15.625m shares) provided that there is capacity to do that ie what's available after the option time expires. However, Somers may go beyond that number (once again assuming capacity) but with a maximum of $1.5m to be raised (=18.750m shares).

To me, it's a de facto placement to SIs. That being the case, there should a blackout on price-sensitive news until it has been finalised.