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SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2014
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

NOTE 6   SHAREHOLDERS’ EQUITY

 

During the three months ended March 31, 2014, 0.4 million exchangeable shares were converted into common stock.  At March 31, 2014, total outstanding exchangeable shares not exchanged and not owned by the Company or its subsidiaries totaled 31.8 million.

 

In 2013, the Company entered into an agreement with one of its mining contractors to settle parts of its account payables with shares of common stock of the Company, up to a maximum of 2,500,000 shares. The number of shares to be issued is determined monthly, based on the amount payable by the Company for services rendered above a defined tonnage threshold, using the closing price of the common stock quoted on active markets at the end of every month. As at March 31, 2014, the Company was required to issue a cumulative total of approximately 156,500 common shares under this agreement. The fair value of this liability of $0.4 million is included in accounts payable and accrued liabilities on the Consolidated Balance Sheet as at March 31, 2014.