http://www.metanor.ca/en/index.php/about-us/capital-structure/

 

About 50% of the managments share options are exercisable in the range of $0.60 to $1.00 - although the exercise dates are 2018-2020.

Therefore, the board may feel that that shareholders owe an obligation to directors, who have been saddled with long time horizon share options.