XML 36 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2013
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

NOTE 6   SHAREHOLDERS’ EQUITY

 

During the three months ended March 31, 2013, 1.6 million exchangeable shares were converted into common stock.  At March 31, 2013, total outstanding exchangeable shares not exchanged and not owned by the Company or its subsidiaries totaled 81.7 million.  Subsequent to the quarter ended March 31, 2013, Robert R. McEwen, the Company’s Chairman and Chief Executive Officer converted 42,103,285, of his exchangeable shares into common stock.

 

During the three months ended March 31, 2013, the Company issued 20,000 shares of common stock upon exercise of stock options under the Equity Incentive Plan at an exercise price of $1.69 per share for proceeds of $33,800.  During the same period, the Company issued the final installment of 41,500 shares of common stock as part payment for mining concessions in Mexico.  In addition, the Company issued 1 million shares of common stock in January 2013, which was previously recorded as a liability of $3.8 million as at December 31, 2012, as part of the litigation settlement agreement with TNR Gold Corp. dated November 2012 with respect to the Los Azules Copper Project.  The issuance of the shares resulted in the elimination of the liability as at March 31, 2013.