First you have to buy the options,1 for every 2 shares you currently hold, so if you hold 10,000 shares you can buy 5000 options or less but not more.
Options cost only $0.001 each so 5000 options will cost only $5
Each options lets you buy a LOM shares for 30c, so if you decide to use all 5000 options the 5000 LOM shares will cost you $1500
These options must be used before August 2015, after that they expire and are worthless
So yes, if LOM shares were to go to $1 for example between now and August 2015, you can use your options and buy shares for only 30c, then either sell for a profit or hang on to them in the hope the shares will go even higher
The options can also be sold on the market up to August 2015 for market value which is currently 8c
So to sum up I think you would be very silly not to buy all the options that are available to you
I hope I have made things very clear
Good Luck
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