Diamond drill, page-5

Yeah there is some "thought patterns" that exercising options is better than a capital raise.

In some instances, exercising options may already be factored into the share price where-as perhaps a CR is a new share issue that wasn't already on the "foreseeable" books.

This may mean that a CR is viewed in more a negative light compared to an exercise of options.

Plenty of info around the web if you want to explore this.

Other than that, look into dilution and the helpful reasons of a share price up swing prior to option expiration. It does happen often and the funds raised by option conversion are quite often a strategic thing in the greater scheme of things.

Best of luck.