I disagree that they can simply reprice the options lower...
The Board shall establish the exercise price for each Option at the time such Option is granted. The exercise price of any Option granted by the Board shall not be less than the closing price of the Common Shares on the Toronto Stock Exchange on the trading day immediately preceding the date of the grant of the Option.
The exercise price shall be subject to adjustment in accordance with the provisions of Subsection 1.4(e)."
Section 1.4(e) refers to stock splits, etc.