That is correct. The holder of the options must pay to the company (via the share registry) 6c for each of the options they want to convert. So in your theoretical example, the lucky holder needs to pay 5,000,000 x 6c or $300,000. The company then issues the holder (via the share registry) 5million ordinary shares. The holder can then sell at what ever the market price is.
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3 | 224442 | 0.046 |
7 | 284403 | 0.045 |
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0.049 | 216103 | 2 |
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