LRS 2.17% 23.5¢ latin resources limited

Newbie question, if I, let say, exercise the option when head is...

  1. 110 Posts.
    Newbie question, if I, let say, exercise the option when head is 1.5 c, would the options be sold at 1.0c? Then I get automatically 0.5c profit per share?
    Or would it be exercised and converted into, pretend I bought 1M LRSOB at 0.5c, 1M LRS share and remain/appear in my account (not sold)? And from here I further hold or trade.

    Thanks
 
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