Not quite
each option (using exm as eg ) is an option to buy 1 share at the nominated strike price, 3c in this case.The option has a time to expiry , dec 09. option can be exercised at any time before expiry.
So as an example if u bought you oppie at 1.5c today and the share price rises to 10c then the option can be converted to a fpo for 3c or your option will now be worth at least 7c + any time premium that remains.
personally have a mix of opies and fpo
hope that is helpful
ann out tennant creek drilling, page-10
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