Ann: Fully Underwritten Placement TONOD Options, page-4

Options always carry a large amount of risk harvett, and a large proportion of options don't reach their target price to be "in the money" before they expire (e.g. TONOB and TONOC).
Every investor (punter) needs to make their own assessment of risk and return. With options you could easily lose it all (if option are not "in the money") or alternatively, if the price goes beyond option price in the stated time period, then you can possibly make good returns for a relatively small investment.

With TON a lot of us believe it will go well beyond 10 cents, but the question is, will there be further delays that also delay significant price rises until after these options expire? It's up to you to make an assessment.

Also to be eligible to purchase these options in this offer you must have held TONOB or TONOC at the time they expired.