Ann: TNO to Acquire High Grade Vanadium Project, page-72

As far as I can see there's ~32m options which are in the money too if this all goes ahead.

I think it's safe to say that they will almost all be converted. Add another $30m to your MC.
For the sake of fairness I'll add that these conversions should add $13m to the company's kitty however. That's nice.

I have sold since noticing just how many shares may come onto the market.
Best of luck to those of you who hold