Ann: Trading Halt, page-19

I think you are incorrect.. $1mill is underwritten! That means the minimum cap raise is 1mil. The maximum is pointed out as per section 6 of the full booklet (to me they should have been clearer up front!)

"The maximum number of Shares to be issued under the Plan is limited by the ASX Listing Rules to a maximum of 30% of the number of Shares on issue on the Close Date. At the date of this invitation the number of Shares on issue is 139,150,997, therefore the maximum number of Shares that may be issued under the Plan is 41,745,299 Shares."

so with up to 41.7mil shares allowing to be issued and at a 20% discount (so lets say a 24c issue price) they could raise up to 10mil!

I still cannot believe someone is willing to pay like 9c for the options. If the shares are issued at 24c those options are worth like 2 to 3c at this stage.