My fear of voting the options downs is, If we get another grant...

My fear of voting the options downs is, If we get another grant or grants with matching dollar for dollar requirements like the first, as has been flagged, then our capital reserves will be heavily committed, leaving us with not enough capital to run the company legally.
If a deal or significant income aren't forth coming in time, then another cap raise is then imminent, which if the options are voted down, will most likely be starting with a 1, as anyone who watches the available cash, will be expecting a cr, so will hold off buying, let alone be shunned by sophs who would have seen the disrespectful actions of shareholders.
Who would then step up to give us more capital?
If the options get up, then there is a good chance the sp will increase to a point where they are in the money, as punters will know the conversion funds are expected, thus reducing the chance of a cr at a stupid low price.
Having the options in play gives the company an insurance policy of potential funds if sales or an income delivering deal is signed, but funds are a while away.
This is akin to insuring your house.
If you had one of the most expensive houses in the suburb, you wouldnt even consider not insuring it, despite the expectation of never needing it, yet we have some very substantial holders happy to metaphorically not insure their expensive houses as someone else will get their money and the insurance will most likely not be needed anyway.

But what if ?

Would you rather the options in the money with the sp at say 30c, or a cr at say 1.5c.
Obviously this is all in my opinion, but are very real fears if the options dont get up.