RE: Buy now or buy later? Bond no doubt there will have to be a large reverse split share consolidation once the rights issue has been fully exercised; however, your suggestion that it will be better to not exercise the rights now at 2 cents but wait to buy on the open market the post consolidation shares at 40 cents is totally dependant upon CMK shares falling by half from 80 cents post consolidation.
So what happens if the post consolidation shares do not drop all the way to 40 cents - or actually go up? This can happen under the right circumstances - a very good example was Breakwater Resources a few years ago.
What I believe will be the best indicator of whether to buy now via the rights or buy on the open market later will be the price and volume of both the rights and the CMK shares once the rights have been issued and are freely trading. If there is a lot of volume and the prices of both the rights and CMK remain high then this would suggest to me that the BOYS are betting on buying now rather than later. In which case it would be prudent to join them and exercise your rights.