tox options expensive?

TOX options look very expensive, given the cureent share price. If the options are excercisable at 3c, in 6 mths time, then the price of the options now that they are 'in the money' (ie exercisable) should be the actual share price 4.3c less the option strike price of 3c, plus the cost of the interest on 3c over 6mths.....even at a 10% i/r i would put the 'fair value' of TOXO at 1.5c......am I missing something.....please advise if there are any options experts out there?