IBX Oppies, page-191

I dont see the issue here, correct me if I'm wrong.
if i buy 100k oppies of ibxoa for 5c ill be spending 5k to buy that lot. Then since its strike price 3c, i need 3k to save up also I have time till 2023 to do so if im to convert them to full shares later.
in 2023 depending on ibx price, i can decide if i need to convert my oppies to full share or not depending the share price at the time. If sp is down to 1c and i lost the faith of ibx then i have the liberty of take a 5k loss by let it to expire. Because if i convert at that point ill have paid 8c per share where actual price is 1c. Here i can use that my saved up 3k to by more shares if I still believe in ibx at that point. but if sp is 20c then I pay 3k strike prce and convert to full share. This way my total cost is 8k and in this situation I'll be sitting at 12k profit.
I believe strike price 3c is not changing.
this is how I understand the company oppies like ibx. Its main advantage is give you a leverage imo