What am I missing here?? They say they will raise $3mil after...

What am I missing here?? They say they will raise $3mil after costs.

The placement @ 1c will raise $1.239Mil
The one for one option @ 3c will raise $3.717Mil

This assumes therefore that they expect the options to be cashed in for full BPO shares to raise the full $3mil. This may not happen if the private placement options are not converted. The private option holders could meely sell them at .003 as they have cost nothing to them. If the shares do not get to approx 3.8 - 4.2c then the options will probably lapse, as who would want them. Why did they not offer this to the current SH's who have stood by them all this time. I bought way way back and supported every SPP on offer. This marketing firm had better be pretty good to recoup this little lot.