Told you so!! IMU heading to $200m Mkt Cap, page-31

For a newbe to options,
the simplest way to explain it,is you
are buying shares on lay-by.
When you bou IMUOA @ 1.2c
you are buying an IMU share @ 3.8c
The 2.6c is the lay by or exercise price.
You don't have to give that 2.6c to Imugene until
November 2020.

Have a look at CTM and CTMOA
You can buy a CTM @ 1.3c
or buy a CTMOA @ .003
and give the company 1cent for the exercise price by 30/4/2018
to convert the option into a share.
The longer the exercise time the more premium built into the option price.
CTMOB also has an exrcise price of 1 cent but they don't expire until
Aug 2019.That's why ctmob are 0.6cents
1c + 0.6 =1.6c
2.6c+ 1.2= 3.8
You are investing in the belief that the share price will be
above the total by expiry without outlaying the exercise price now.
Most people don't exrcise but just trade it.