IAM Market Activity Discussion, page-277

Hey IAMers if a kind person could quickly help me understand this it would be greatly appreciated Hypothetical scenario but helpful nonethless:

If I buy 100 000 IAMOA at 3.0 cents per share for a value of $3000, which of the following is correct:

Scenario 1.
Upon converting all options to shares, I retain 100 000 shares with a buy price of 3.0 cents per share. I pay a cost of 0.008 x 100 000 = $800 to convert the shares. Therefore, at a share price of 30 cents per share, the value of my shares is (30/3.0) x $3000 = $30 000. The total profit is then $30 000 - $800 (conversion cost) =
$29 200.

Scenario 2.
Upon converting all options to shares, I retain 100 000 shares with a buy price of 3.8 cents per share. I pay the cost of 0.008 x 100 000 = $800 to convert the shares. Therefore, at a share price of 30 cents per share, the value of my shares is (30/3.8) x $3000 = $23 684. The total profit is then $23 684 - $800 (conversion cost) = $22 884.

^Please note- the math is correct I am just unsure about whether the shares will be issued at 3.0 c or 3.8 c once converted.

As you can see by the profit it does make a substantial difference.

Cheers in advance- this may help others who are unsure in the forum as well.