Can I convert 3.7V to 5V's using 3.3v to 5v converter THe product: (https://www.sparkfun.com/products/12009)

So guys, here' s a pretty simple but important question for me:
Can I convert 3.7V (li-po battery's voltage level) to 5V's (I do have arduino pro mini running on 5 volts) using 3.3v to 5v converter (picture shown above...) ??

Thanks already...
No. That is a level shifter. It uses a low voltage (3.3V) to switch a separate high voltage (5V) supply to create different logic levels.

It does not convert voltage, it merely switches.

To create 5V from 3.7V you need either a boost converter (inductor based circuit) or a charge pump converter (capacitor based circuit).