The amount of options you hold is the amount you can convert... You can convert as many as you like... You convert before the expiry date and you do this by downloading and printing out the conversion form and sending this along with a cheque to the company...
eg You buy 500,000 options, you then convert 500,000 options and get 500,000 shares in return... You pay the 500,000 x the exercise price...
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