Presentation, page-24

You missed the whole point - it's zero gamble. I'm talking about investors looking to buy into HMX and hold for at least 6-12 months. I'm not talking about trading oppies. If you want to buy 1m at 3.8c now then you have 2 options- pay $38k today or pay $8k now for oppies and $30k in 3 months. If the SP is above 3c when you convert you'll be in exactly the same position as if you bought heads now - $38k cost.

If price drops below 3c for whatever reason you limit your downside exposure to $8k. So in my earlier example you could buy on market for $25k giving a total cost of $33k vs $38k if you went via heads route

Either way you tie up a lot less capital.