Unfortunately retracing these options isn’t the easiest to do, however, looking back we can see where the options arose from.Looking through the Financials we can see:

$0.60 options – From the March 2012 F/s:

“The Company issued stock options during the year ended March 31, 2011 to a number of its directors, officers, employees, and consultants. 2,275,000 stock options with an exercise price of $0.60 and an expiry date of December 23, 2015 were issued.“

$0.44 options – From the March 2013 F/s:

“On October 10, 2012, the Company issued 250,000 stock options to a director with an exercise price of $0.44 and an expiry date of October 10, 2017. “

$1.27 options – From the March 2013 F/s:

“On February 7, 2013, the Company issued 1,325,000 stock options to a number of its directors, officers, employees and consultants with an exercise price of $1.27 and an expiry date of February 7, 2018. “

The purpose behind the exercising of these warrants we can only speculate at. All the options exercized were deeply in the money.

IMO the key take away from this is that it has injected $590,000 into ZEN at a time when they would likely be looking to be raising capital heading into the PFS/BFS.