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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2014
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

NOTE 6   SHAREHOLDERS’ EQUITY

 

During the nine months ended September 30, 2014, 2.6 million exchangeable shares were converted into common stock.  At September 30, 2014, total outstanding exchangeable shares not exchanged and not owned by the Company or its subsidiaries totaled 29.6 million.

 

During the nine months ended September 30, 2014, the Company issued approximately 697,300 shares of common stock upon exercise of stock options under the Equity Incentive Plan at a weighted average exercise price of $1.98 per share for proceeds of $1.4 million.

 

During the three and nine months ended September 30, 2014, the Company issued approximately 393,190 shares of common stock under an agreement with one of its mining contractors to settle parts of its accounts payable for services rendered above a defined tonnage threshold. As at September 30, 2014, the Company was required to issue a cumulative total of approximately 446,950 common shares. The fair value of the remaining 53,760 outstanding shares of $0.1 million is included in accounts payable and accrued liabilities on the Consolidated Balance Sheet as at September 30, 2014.