XML 40 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2014
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

NOTE 6   SHAREHOLDERS’ EQUITY

 

During the six months ended June 30, 2014, 1.2 million exchangeable shares were converted into common stock.  At June 30, 2014, total outstanding exchangeable shares not exchanged and not owned by the Company or its subsidiaries totaled 30.6 million.

 

During the six months ended June 30, 2014, the Company issued approximately 60,300 shares of common stock upon exercise of stock options under the Equity Incentive Plan at a weighted average exercise price of $2.14 per share for proceeds of $0.1 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 June 30, 2014, the Company was required to issue a cumulative total of approximately 379,400 common shares under this agreement. The fair value of this liability of $1.1 million is included in accounts payable and accrued liabilities on the Consolidated Balance Sheet as at June 30, 2014. Approximately 107,400 shares were issued in July 2014, with the remainder to be issued later in 2014.