Twenty Seven Co (ASX:TSC) completes auger drilling at Yarbu, page-52

Mate if you converted them today, it will cost you .009c for each option as you hold free ones, however your new share would be worth .0045c (current heads value) at time of conversion the shares show up in your portfolio as .009c buy price I believe but don’t quote me on that it just seems the most obvious outcome.
Who ever the buyers are recently of the options (some 80 odd million) if they were to convert and they paid .002c for every option it would cost them today to convert .002c (already paid at purchase of option on market) + .009c (conversion price)
So current on market option buyers looking to eventually convert ultimately see the heads price higher than 1.1c which would be their break even price.
Buyers at .003c options will need 1.2c to break even
Cheers hope this isn’t confusing you