For me its all about Magnum. If you think they have the cash and will follow through, this is worth 25 cents minimum.
If not...well...probably about the current price.
If Magnum in fact want as much of AQO as possible, they'll be keeping their financing quiet until the exercise date so the share price stays below 20 cents and no one exercise their option (of which I own a few).
Not much help I know, but being a small shareholder you are always last to know unfortunately.
AQO Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held