Once you purchase the options your are locked in to one of 2 scenarios:
1. You sell them again in the options market just like you would normal shares, however the options are time limited and will expire at a future date and as that expiry date draws nearer they lose intrinsic value depending on how far the share price is below the option strike value.
2. You convert your options into real shares by paying the 1c strike price to the company.
Basically if the share price doesn't at least look like it's going to hit 1c before August next year you will lose 100% of your money on the options.
If you are new to trading shares then buy the shares, not the options. It's hard to lose 100% of your money on the shares, easy to lose all your money on the options.
