FGR Option conversion

Sorry if this is a silly question:
Lets say I have 700K options, I would need $175K at 25c each to covert each option.

If I wait until that time but cant afford to convert them all what happends? Do we get the option to convert them into FGR shares at relative value.

Lets say FGR is 35c/ share at the time so the options are worth 10c does that mean 10/35 =.0.285 shares for every option without any capital injection? Or would I need to sell them before they expire to realize the value?

I ask as many people incuding me may not be in a position to come up with the cash to convert all their options.