A share option is just that - an option.The option is to buy...

A share option is just that - an option.
The option is to buy shares, at any time up to a set, defined date - the exercise date.
You can exercise the option at any time up to that date.
The day after the exercise date your options are worth zero!

You trade options the same way you can trade shares.
For smaller companies like PCl, options are very illiquid.

To exercise the option you send the option acceptance to PCL share registry with your payment.
Buying the option the option owner gets the money.
Exercising the option - the company gets the money.

Higher risk than shares - big upside and downside.

Using PCL as an example, if you buy the options now at 1c and the shares are 2c you can buy twice as many shares as options.
If PCL goes to 3c you pay, can sell the options at a profit or convert to shares.