Hi sidave01, Yes EXMO are options to buy EXM shares at 3c. So...

Hi sidave01,
Yes EXMO are options to buy EXM shares at 3c. So for every EXMO you can exchange it for an EXM share by paying 3c before the options expiry date which in this case is Dec09.

So if you buy at the lowest sellers price on EXM as we speak you'll pay 0.003 for the option to pay 0.03 for an actually share. So basically your betting 0.3c that the share will be above 3c by Dec09.

However even if you don't think the sp will get to 3c you can still make money trading the option by someone basically willing to bet more then the 0.003 you paid that the sp will get above 3c.

If you chart any stocks options verses the actual share you'll see they generally go up and down according to the fluctuations in the sp (but often slightly delayed, so if a share has started to rise but a trader thinks the price has got away on them they often quickly buy into the options as they mostly are soon to follow).
Also on the way up options profits can greatly exceed that done on the actual shares e.g. atm EXM last sell was 1.1cent and EXMO was 0.2c however when EXM price was 3.3cent (or 3 times the current price) EXMO price was 2.1c (or nearly 10 times the current price).
Also note though expiry dates are important and as such an added risk because after expiry date the options if not exchanged for a share become worthless.

Hope that makes sense to you, if you don't understand any particular part of that please ask, if you haven't traded options before it is easy to be confused about them.

Cheers
Kelp.