@Smugtown -- I think you didn't fully understand what I was...

@Smugtown -- I think you didn't fully understand what I was trying to show.
I was mentioning that Carbon Revolution was on Acorn Capital Ltd top holdings ages ago. You can check back to the posts. Why would James Douglas become an investment director, but that isn't actually a board member and the one which they are counting towards inability to participate.

*** James Douglas has been a founder of Newmarket Capital since they issued the options, with his first high-interest short-term loan. There is no way the options will not be taken up.
I'll be willing to bet ya:
Either he will get them at a huge discount after they sign Acorn Capital Ltd up to a placement @ a low price even 10cents p/s and Newmarket gets them @ 12.5cents p/s (4cents below the upper price).
or
Newmarket will just get them at 16.25cents per share.
I think it will be the first scenario, but it will definately happen.
It should raise between $4-$7.5M either way.

Going concern may be their last ditch effort to shoo off current investors. The only thing I can't be certain about is timing (since there are blackout periods - influencing things too).

The extended Export Contract Loan facility is for F-35 increases during FY19. Any placement or the such might be for a left field contract that you didn't see coming or the such? Wait and see but the options will be paid for.