Ann: Notice of General Meeting/Proxy Form, page-8

yes, you have the "option" to pay by 19 april, an additional .002, to get conversion to a new option on a 1-1 basis. (but with a strike price of 2c March 2021)

I would have preferred that they had no additional cost, but we are essentially be given a new series of options that are costing close to fair value (imo) at todays heads prices. 

If they were trading today, how much would they be trading for ? .003 ?

Hence there is no inherent value at offering them at .002 to us at todays heads price.  BUT. if the heads start moving up. ?

There would be no traded options available, unless otherwise a rights issue have occured, but pro rata to heads.
This at least gives option holders a unique proposition.