Ann: Completion of Warrior Acquisition, page-8

My understanding of options is slightly different and I could be wrong.

You buy x amount of options
Prior to expiry date you convert at strike price.

You can convert anytime up until the date and as greenie has said allow sufficient time for the request to be processed.

So an example is;

Buy 300,000 @ 0.009 = $2700
Convert your 300,000 @ 0.10 = 30,000 before expiry.

You now hold 300,000 shares rather than options.

If the SP was sitting at 20cents your shares are worth $60,000 and you have only had to pay 32700 plus any fees.

So while we still away from being in the money with the options. If you felt the SP was going to be higher in the future then you could take a punt with options.

Hope the above makes sense and I may be completely wrong.