some questions....and answers from cluff., page-5

There is no guarantee they will be exercised... if a holder doesn't take action they will just expire unexercised.

However, if heads trades at 1.5c and options at 0.5c for example, holders may elect to pay 1c per option to convert it to a share with all the rights associated with that. The money from the conversion ends up as cash in the CFR bank account.

At the moment I think there are still over 500m options outstanding, so that could theoretically net the company $5m if they all get converted. You can see why they have every incentive to try and get them over the line to fund their operations.

On the flip-side though, if the SP is under 1c at 31st July, they may all expire unexercised, because why would anyone pay 1c to convert when heads can be bought on-market for less?