It doesn't seem right that in the event of a merger you would be forced to exercise option at full price years in advance.
Looking the the recent MRO/UKL merger (this last week) :
"Monaro will also make private offers to
exchange Uranium King’s unlisted options at the ratio of 0.48 Monaro shares for each
Uranium King option."
So it looks like a conversion from UKL options to MRO shares at ratio appropriate to market prices at the time, with no exercise payment required.
Admittedly these are for 2m unlisted options...maybe different situation.
oppies, page-7
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