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Vatukoula Gold Mines PLC (Fiji) is a geological exploration business in Western Fiji. Vatukoula has just made a rights issue at the rate of 1:5

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Vatukoula Gold Mines PLC (Fiji) is a geological exploration business in Western Fiji. Vatukoula has just made a rights issue at the rate of 1:5 and there were 10 million shares outstanding before the rights issue. The subscription price for the rights shares was $2.50 and the theoretical ex-rights price was $3.25. What was the market price before the rights issue? A. $3.68 B. $3.40 C. $4.25 D. $4.75

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