BJ,Keep this website or a similar one...

BJ,

Keep this website or a similar one saved:
http://www.afrsmartinvestor.com/tables.aspx

Select the "terms of exercise for quoted options".

This gives you the terms of all options. In AGU's case AGUOA have an exercise price of 0.035 and an exercise date of 30/09/2012.

That means you need to pay the securities/company, 3.5c for all options you hold prior to 30/09/2012, otherwise your options are worthless.

Risk/reward.

Heads
I have $10,000 to spend & buy heads at 0.05 today = 200,000 shares.

SP on 31/12/2011 goes to 8c, my investment = $16,000
SP on 30/09/2012 goes to 10c, my investment = $20,000
SP on 30/09/2012 goes to 3c, my investment = $6,000

Oppies
I have $10,000 to spend & buy oppies at 0.018 today = 555,555 oppies.

SP on 31/12/2011 goes to 8c (oppies around 4.5c), my investment = $24,999.
SP on 30/09/2012 goes to 10c, I need a further 0.035 x 555,555 to exercise my oppies ($19,444), my value of the initial $10k investment = $55,555 - 19,444 = $36,111.
SP on 30/09/2012 goes to 3c, my investment is worth 0.

Hope this helps