When you buy the options, you have a choice to convert them (exercise) into a real share (head) or sell them on, hence option.
If you want to convert them, the exercise price is 0.45c paid directly to the company. So to exercise you pay the price of the option on the day (e.g friday close was $1.17) plus 0.45, would equal $1.62.
There are various reasons to buy options, depending on your financial situation/strategy. For me I bought half heads half options coz i couldn't afford all heads at that time. I will exercise next year some time when i have funds. For others (or me in other stocks) the strategy is to sell some the options to pay the exercise price of the others. All depends on what you wanna do.
Anyway, exercise price is 0.45c. And you can exercise as many as you can afford. Hope that helps.
Ann: TechOpps Investor Presentation, page-533
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