Disagree with the first point. We need the cash. The only way...

Disagree with the first point. We need the cash. The only way options don't get exercised is if heads are less than 2c and if we are less than 2c the risk is you actually raise cash lower than that. We want options exercised in my opinion.

Now even just below 2c it is an interesting situation in my opinion. It is my understanding (I am not a tax accountant so please confirm if applicable) that when you convert options your cost base becomes price paid for the options + exercise price (kind of makes sense as that is your outlay).

So let's take the situation where shares are trading at 1.8 or 1.9c. I will use my own situation as an example. I paid 0.006 for the bulk of my options.

I could let them expire worthless and just buy heads for say 1.8 or 1.9c.

Alternatively I could convert and pay overs at 2c. However I then have a cost base of 2.6c on my shares instead of 1.8 or 1.9c. If I am buying or converting I obviously expect it to go up in the long run so a higher cost base can be handy for tax.

Too many situations to try and run through and everyone will have to assess for themselves what works.