Ann: Appendix 3B - Exercise of Options, page-42

Extract from your post
quoted
So the issue date was today 29 Aug 17 - be interesting see if a 900K packet of heads is quoted to sell @3.5c tomorrow or the day after.

Is there a conversion fee in addition to the strike price of 2c?

Unqouted

You may be a good geologist but not in finance. Did you suggest that someone purposely converted it and paid $0.020 (strike price) and will sell it again at 0.035?

Question:
Why did not he or she sell the options at 0.015? Why should he or she pay for another 0.020 and wait for a week to get the shares and then selling it again at 0.035. Either way, he or she will get net $0.015.

However, it still remains a mystery. Why should he or she convert it now when the option will expire in March 2018? There are several possibilities. One of them could be for tax purpose? other reason could be that he or she borrowed the shares from someone and sold it at a higher price and he or she needs to return it. Another reason could be that he or she loves 88e so much and would like to contribute some money to 88e now. Etc.....hehe