No offense, Malvern, as I am a LT bull here but the fact that a company has issued options at a strike price of $X.XX means nothing.
Many times a SP can fall below a strike price and they just expire unexercised/worthless as it makes more sense to buy the common than exercise a worthless option.
However in our case I do believe that $1.66 may represent a present enterprise valuation that is favorable for investment knowing where we are headed over the next few years.