Ann: Chairman & CEO Update & Review of Operations - Annual Report, page-115

Each WBTOA option that you buy gives you the right, but not the obligation, to exchange the option for a share (head) by paying 45 cents to the company on or before the expiry date, which is 30 Jan 2022.

While you are holding the option, the head share price could rise, for example, to $1.50. If you exercised the option at that point, you would have paid your option purchase price of 38 cents plus the option strike price of 45 cents, making 83 cents total and would own a head share worth $1.50. That's a paper profit of 67 cents.

In the meantime, instead of exercising the option, you could sell it on the market. At the same point as the example above you might get something around $1.05 for it. If so, you could realise a profit of around 67 cents on buying and selling that option. Thus you could make the same profit with a much lesser outlay.

I have not allowed for brokerage in those calculations.

If I have any of that wrong, please anybody feel free to offer a correction.