WCNOE options, page-6

No worries,

I think you are getting confused with a put and call options. That is totally different.
.
The WCNOE option is just an option to convert to a share for a set price. Eg 1.5 cents. Its 1:1 with a share. You convert 1 option you get 1 share. So 1 WCNOE will convert to 1 WCN. Good way for company to make additional cash from increase in share price.
.
Simplistic example.
Lets just say the option trades static at 1.5 cents less than the share which is the exercise price.

Buy $5000 of WCNOE at 2.5 cents = 200,000 WCNOE
Buy $5000 of WCN at 4 cents = 125,000 WCN

Say share price goes to 10 cents and in theory WCNOE goes to 8.5 cents (difference in exercise)

Initial $5,000 of WCNOE is worth $17,000.
Initial $5,000 of WCN is worth $12,500.

So 8.5 cents (if valuing based on share minus exercise cost) WCNOE would equal a 340% gain
And 10 cent cent value for WCN would equal 250% gain.

That's your leverage at play.

But its not that simple... as in sometimes the WCNOE trades below the cost to exercise and sometimes above. Depending on the confidence of people purchasing the options and also the supply and demand (liquidity) of them.

Please remember this is simplistic explanation there are other factors to consider.