With due respect, you seem to be making this issuance out to be one great big conspiracy, purely out of speculation as is what your point 1 statement is (given it's unproven).
The company says this is "in lieu of" payment for services rendered. I'm inclined to follow what the company has officially declared unless we are told otherwise or it's subsequently updated... ostensibly you're suggesting the company has lied or made a false declaration to the ASX, which would be against ASX listing rules.
We are talking about options for which the consultant would need to handover $300k to us (or about 0.38% of shares on issue). In the hypothetical example the SP doesn't go above the exercise price of 37c before expiry, then the options are worthless to the consultant and they've taken on that risk.
Also it's 37c or $0.37 -- not 0.37c as in your post
(20min delay)