That's right, you can convert at any time by simply phoning the company and asking for the conversion form... There is probably a way of doing it online these days.
Or you can simply trade them on market for the profit ( difference between head and exercise price)
The real leveraged value of buying options won't be realised until the head share gets above 10c.
When heads are >10c the leverage of options really kicks into gear...
So if you think heads will be Sub 10c by expiry then you might as well buy heads...
Heads @ 11c or more will really start to work the leveraged gains of the options...this is the reason the options are such a high risk investment...
Ultra high risk/reward ratio...
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