I'll try rewriting your post correctly
1. I buy 1,000,000 options for $1,000 which have a exercise price of 7.5 cents (or 8.0 cents according to whichever type) which gives me the ability to later buy 1,000,000 shares at 7.5c(or 8c) at anytime before the expiration date.
2. On maturity, if the SP is lower than 7.5 I can either do nothing and lose my $1000, or convert and have to find $75,000. Of course it would be rather silly to pay 7.5c to convert an option when you can buy fully paids for less on market OR if the SP is higher than 7.5, pay the $75,000 and either hold indefinitely, or sell as soon as they are transferred to my name and take the profit OR you can sell the options on market before the expiration date if someone is willing to buy them.
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