Ann: Invictus Share Purchase Plan Receives Strong Supprt, page-30

Have a question that's been bugging me, which may be stupid and straightforward for some.

Everyone keeps banging on about free options which in theory isn't free as you still need to convert them @0.20cents within the next three years.

Lets assume we are not selling any shares acquired today when the share price reaches 0.20 cents
Say i bought $30k in the recent SPP, i would get 250k shares and 125k options which will be converted @0.20 cents
My total outlay is $30k now + $25K (converting 125k shares @ 0.20 cents) = Total $55k for 325k shares

If i just bought 325k shares on the market today i would pay $39k @ 0.12 cents and I am $16k better off.

So what am i missing here?