Yes you might get a chance to do that but you would lose heaps...

Yes you might get a chance to do that but you would lose heaps on the options.
Based on the current price you would pay 12 cents to convert the option which means the news shares would effectively cost you 16.9 cents so it wouldn't be worth it.

However if say the share price is say 30 cents the options would likely be trading at 19 cents so in that case it would be worth it as the new shares would effectively only cost you 31 cents.
It would however depend on if you have enough time to convert the options as sometimes in a CR the record date for shareholders is the day the CR is announced.