Hi,
Obviously your application will be returned with rejection before 2 months.
So no need to apply.
I can give you two ways -
1. Try to search employer who will grant you LMO before the expiry of PGWP. Talk to some immigration consultant. They charge around $10,000 but will help you in getting 3 years open work permit.
Winners, Mc Donald and CIBC help student in work permit extension.
2. Apply for study permit before the expiry of PGWP,
Obviously you won't receive you won't get PGWP after studies.
But you'll get enough time to find employer for LMO.
The day you get employer. Change your status to Open work permit.
You don't have any other way to go.
Good Luck.