So I had A question regarding the SPP. Say I hold 100,000 shares...

So I had A question regarding the SPP.

Say I hold 100,000 shares currently with XPE @ 0.035c per share.

I opt into the SPP buying another 300,000 @ 0.033c per share.

If the share price rises and I choose to sell off 200,000 of my shares @ 0.034, do I still have the opportunity to exercise my options (if the share price goes to 0.05) for the newly bought 300,000 shares or must I control all of them at the point of conversion.

Essentially, are my options locked to my current amount of shares owned, or could I realistically sell all my shares and still exercise my options prior to dec 2018?

Thanks.