With the exercise price of BLRO @ 4.5 cents and the current price being 6.4 / 6.5 why wouldn't you buy BLRO @ 1.7 (even up to 1.9)?
4.5 + 1.7 = 6.2 < 6.4
Its trading below its intrinsic value and gives you a great leveraged play for the next few weeks.
Its better than buying the heads atm in my view.
In fact if I had a long term buy and hold view on BLR I'd sell my heads and buy a similar holding in BLRO as there is a small arbitrage opportunity there.
BLR Price at posting:
4.9¢ Sentiment: ST Buy Disclosure: Held