TMT 0.00% 26.0¢ technology metals australia limited

I'm at ground zero. If I buy TMTO, what am I buying? i.e. Can I...

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    I'm at ground zero. If I buy TMTO, what am I buying?

    i.e. Can I convert the options to shares at any time up until the 2020 expiry?

    am I buying a right to convert them at the 40c price?

    am I way off the mark here?

    Sorry for the 101 q's, clearly haven't traded options before
 
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Currently unlisted public company.

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