Yes.
Essentially, you can purchase options for $0.001 to an amount equal to your current share holding amount.
If you purchase 625000 options for $62.50 then once they reach the strike price of 4c - you may then convert these options to shares. However you can realistically convert them to shares whenever you want, however you would be buying the shares for 4c each, so it wouldn't make sense to convert them until the SP is > 4c.
Prospectus for the layman, page-2
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