for every 15 shares you own on May 10th you will be offered 7...

for every 15 shares you own on May 10th you will be offered 7 new ones, plus the option, at 25c each.

if you don't own any shares you have no entitlement to the offer.

if you own a tiny number of shares you will be able to buy more than the entitlement to get you up to a reasonable value - if you don't want to do that then your shares will be sold on market and you will get the few $ they are currently worth.

if you read the paperwork as filed - prospectus - all these and the other questions you have will be answered - there is a timetable and lots of detail on what to do and how to do it. frankly if you are going to be trading and using these forums you need to read every word and do a lot of learning or your trading career will be very short