OK, the answer to this is a tiny bit nebulous. So if the company is purely bought out (cash deal), the broker will almost certainly exercise and pay you the cash. After the company is bought out, the company ceases to exist, so you can't trade the options any more. If the options aren't in the money, they expire with no value.
If the company is having shares issued as the payment, or a new company is being formed and you have options that expire in the future, you could receive options on those shares. To be honest...I haven't dealt with this personally, so I can't tell you that first hand. I'm mostly not interested in shares of another company personally (or I would have bought them the first time around!).
Anyway...if the options are in the money, most dealers exercise them for you on expiry. That probably answers all you need. If you were concerned though, you could also sell the options before that date.
One other consideration, in case it applies, is that this might constitute more than one transaction if you exercise. You buy the shares (for the exercise price) and sell the shares (for the market price). I have no idea how Questrade does things, but you might pay two commissions here. If you sell the options you probably only pay one (but might not quite get the same profit...so you need to do the math).
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