The stock might get knocked around since there will be a 2 week...

The stock might get knocked around since there will be a 2 week gap before existing shareholders are in the money again.

Keep in mind the $220m (and then the $100m) will still be earning interest which is not insignificant to a company of this size when it comes to funding drilling, overheads etc.

If the market values advanced exploration and a royalty stream at 0c as suggested above then the market will be throwing the baby out with the bath water....and you never know.