DT January 12 afternoon, page-12

You dont have a bill of 75k.

You pretty much buy the options, and when you buy 1M options you are basically saying "I will pay $1000 to have the right to convert these into ordinary shares at the price of 7.5c anytime between now and expiration date".

That is literally all you are doing. You can trade options just like they are regular shares on the stock market.
You will receive some paper work in the mail or electronically about how you can convert your options to shares. If you don't get any, then call up the company and enquire.

You are NOT obliged to convert the shares.

Having said that. If you got oppies strike price @ 7.5c and the stock is only 6c and the expiry date is tomorrow, then you've basically wasted $1000. Nobody is going to buy those options off you. You end up with $0.