r options tradable, page-28

ok, last go for me tonight, and then I am taking a bloody course-

so based on these figures- can I do one of two things:
1) convert the ops INTO shares- so it cost me 1cent to buy and 10cents to convert ($77,000)- the share is then worth 28 cents ( .28 x 700000=$196,000)- so a net of $119,000.
OR
2) sell the ops to someone else who wants ops- so the 1 cent ops are sold for 15 cents- and I make a net (105000-7000 cost) $98,000

Forget about taxes right now- is this how it can go? If not, then as I said, I need to do some major reading up as I don't want you to get ticked that I am not catching on. I just thought I could trade the ops on the 'ops market' so to speak, or pay to convert them and trade them as a regular share.

Thanks for all your help