So, if you own options you can then by paying the option value...

So, if you own options you can then by paying the option value get shares for those options? Is that correct? Do you then have to wait for a while until you can trade them, or are they tradeable immediately? If the answer is yes; someone could then make an instant profit. Is that why we may have seen a sudden rise in volumes traded in the last few days at around 2c? That would be an instant 100% profit if the options are valued at 1c, which more or less seems to be the case for all the options mentioned in the 3B. Can someone please confirm whether I am understanding this correctly?

Thanks a lot!