An option holder exercising their option is never a CR of the...

An option holder exercising their option is never a CR of the company.

The option is held by the owner not by the company. When exercised by the option holder, the company must issue the stock and the company will get the cash whether needed or not.

How long the issued stock is retained by the shareholder is totally subject to the holder's choice. In this case, they could sell 10m shares at 10c $1m to get their option cost money back and either sell the rest as profit keep the rest as free carry or any combination in between.

That is the investor upside of in the money options. It has nothing to do with the preferences underlying stock/company.