Example, I can buy 200k options @ 1c today which are exercisable...

Example,

I can buy 200k options @ 1c today which are exercisable @ 10c/share end June. That means i only need $2k today to have the chance to convert to 200k heads at a cost of $20k in June.

The upside being that if i don't have $20k today then i can still be part of the action. Of course, this also assumes that I believe they will be in the money by June and that i'll have the $20k available to convert to heads.

It also limits financial exposure to 2k in the short term rather than 20k on MPJ.