If you were to convert them as per what you’ve written, then you...

If you were to convert them as per what you’ve written, then you would be providing a cash injection to MGT, but as you’ve pointed out, from a price perspective, it’s cheaper to just buy heads. However, right now, the heads are trading at 0.061c meaning that you’re now in a better position to exercise the options, and if you so wish, you could sell the heads and make 0.003c profit, or hold for longer term.

It’s up to you how you wish to spend your money. If it’s cheaper to buy heads, then you may wish to do that and then sell the options, or buy heads and wait till the heads increase in price and then exercise the options, or just convert the options, even if it doesn’t seem to make sense to do so, but in doing so, you’re providing capital to MGT to help grow the business.