It is possible that they're planning to raise capital by means of an issue to shareholders. For example, it could be a 1 for 1 at 20 cents,so the options conversion clause gives option holders a chance to participate.
They don't have a large no. of shares on issue so could easily raise $10 million this way- provided the shareholders liked the proposed drilling program!
It is possible that they're planning to raise capital by means...
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