Hi @trent3727 - the key word is "exercisable". So, a holder of...

Hi @trent3727 - the key word is "exercisable". So, a holder of the options "could", if they "choose" convert the oppie into a head at a cost of 3c. It does not mean that 235,667,437 options are going to be converted - it will be much much less.
People like me who are holding the oppies have a choice: sell on market or convert into heads or let them expire (which will make them worthless).
The people who were buying today are taking a high-risk gamble. They will either sell their options on market and hope to make a profit before the oppies expire in a few weeks, or they are planning to convert to heads and assuming that the heads price will stay above 3c with good prospects in the short term.
If the heads go below 3c, then there's little point in converting the options.

It's a high-risk punt, and we saw some punters buying today This is a highwire act with no net. Best to stay away if you're not clear about the process.

Will need to be an awful lot of volume to clear out the DT/ST punters for the oppies to go up much - could happen, though. No-one knows.

All the best.