the people that brought before Friday 10th will be entitled to...

the people that brought before Friday 10th will be entitled to there rights
eg.
investor buys 500k shares on Friday the 10th he is entitled to the rights issue.
he has the opportunity to buy up to 250k shares at 0.005
for every share he buys under the entitlement at 0.005 he is entitled to one free option
so in this case if he takes up the whole 250k shares he will also get 250k free options.

entitlement form to be sent out on the 17th November
payment needs to be made by the 30th of November
new shares and new options commence trading on normal t+2 basis 8th december

in regard to the options, they have a three year expiry period, generally options will tade at a 3 or 4 pip premium to the heads.
so for example if the heads were trading at 1.5c
and the options are exercisable at 1.2c
I would imagine the options would be trading at 0.007 imo.
sometimes the options can trade at a even greater premium if there are future catalysts
or a big run in the market about something ( such as the Pilbara gold rush)