rights thoughts, page-11

It's actually quite simple. The oppies can be converted into shares at the exercise price (in this case 3 cents) at any time before the expiration date (in this case 30 september 2013).

Of course you wouldn't want to convert them now as you can get the heads (shares) for just 1c or less.
So what's the advantage? That they get traded independently from the heads but give you a lot more leverage because:

a) They are cheaper so you can buy a lot more
b) They have much more upside potential (percentwise) especially if the price of the head goes over the exercise price.

Potential caveat: if the sp doesn't go over the exercise prise by the expiration date and you are holding the oppies, you loose everything.

If I have forgotten anything, anybody please feel free to add.