Anavex Life Sciences Corp (AVXL)

[vg_future]

Steady_T, if I may jump in and answer. The calls will not be closed unless the buyer decides to exercise them and buy the shares. It has to make sense for the buyer to exercise them because the buyer has to pay $7.50 per share to exercise...he/she has to account for the price he/she paid to buy the calls in the first place. Since you said that you sold the calls before the runup, then I am assuming that you didn't get much money for the calls and might not be a big consideration factor for the buyer in exercising the options (unfortunately that is one down side to selling calls...the possibility of returns is limited unless the calls close worthless). You can buy back the calls to close the position (when you sold, they are marked as "sell to open" and now it will be "buy to close"). You cannot sell the shares on which you sold the calls until the calls are hanging on their head...3 options
1. Wait for the buyer to exercise - shares will disappear from your account
2. Buy back the calls - you are free to do whatever you want with the shares after this
3. Wait for the expiration date - they will be close automatically if the price of the stock is 5 cents above the target price ($7.50)

Hope that helps.

-vg_future