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On questions of converting options at a time of your choosing, contact the share registry - from the ASX BioMD page:
COMPUTERSHARE INVESTOR SERVICES PTY LIMITED
LEVEL 2, RESERVE BANK BUILDING, 45 ST GEORGES TERRACE, PERTH, WA, AUSTRALIA, 6000

Share Registry Telephone 1300 787 272

Otherwise you could wait for the standard procedure of the registry posting out conversion forms to all option holders a few weeks before expiry date.

As for your question: "at the moment the share price is at 8c, does that mean if i exercise my right to buy the shares at 4c, i am 1c clear?"

Answer: yes, precisely so. In other words options are currently trading at a solid discount, and for as long as the heads hang around 0.080, oppies @ 0.030 is money for old rope.

However, the market has a nasty habit of making what is so simple today into tomorrow's calamity, so DYOR and take your chances.

P.