If you subscribed for shares in the rights issue, then for any...

If you subscribed for shares in the rights issue, then for any share you were issued (at $0.05 each) in the rights issue, you would have received one free option. You didn't have to pay to acquire the option, it will just appear in your account.

You can exercise your options at any time before 31 December 2025 and on exercise of each option you are entitled to acquire one Nexion share for $0.10 each, irrespective of the share price. So if the share price at some future time is $0.15 then you can still exercise an option and acquire a share for $0.10.

The options are listed under ASX code NNGO, so if you don't exercise your options you can sell them on the ASX (through a stockbroker) at any time before they cease to be listed, which will be shortly before 31 December 2025. Alternatively, you could buy more options on the ASX (through a stockbroker).