Best way to think of it is if you had $30k to invest:
You could buy 10 million options at 0.3c = $30k
OR
You could buy 5 million heads at 0.6c = $30k
If you think the SP could be 3c by 05/2022 then:
Heads: 5 million x 3c = $150k
Options: 10 million at approx 2.6c (3c - 0.42c conversion amount) = $260k
So for the same outlay of $30k you could potentially make an extra $110k ($260k-$150k) with the options.
If you choose to convert your options to shares at any stage till 05/2022 you would pay the company 0.42c x 10m = $42k but the value of your investment would go up about the same amount.
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