There's 4 variables there (current and future price of both shares and options), so that makes it a bit complicated.
The main one to consider is what you think the future share price will be. If you don't think the share price is going to be above 5c, then the options are a waste of money. This is because I don't think they will follow the share price until about 5c (the options are exercisable at 4.5c).
I made a table for myself that shows which way to go depending on how the shares and options are trading, but it still depends on an assumption about the future price. It's pretty easy to make yourself, with the "Future share price" being the only variable you enter, the option share price being that minus 0.045 and the table cells themselves just being an IF function that says "Shares" if the future share price/current share price is greater than the same ratio for options, or says "Options" if the reverse is true.
Anyway, here's some shots of different prices and how it effects the range.
As you can see, the higher the future share price goes, the more attractive the options become, so you have to make your own judgement call there. It's also worth remembering that the options will expire in September of next year, whereas shares won't, so you might want to factor that in.
At the current trading, we seem to be at a line ball for the 6-6.5c area. So if you think the share price is likely to be below 6.5c over the next 21 months, the shares are better. If you think it will go above 6-6.5c in that time, the options are better.
It's a bit of a tricky one to think on, so I'll leave that to you.
Cheers
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