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SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2015
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

 

NOTE 6   SHAREHOLDERS’ EQUITY

 

During the three months ended March 31, 2015, 0.9 million exchangeable shares were converted into common stock.

 

During the three months ended March 31, 2015, the Company issued 430,295 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. The fair value of the common stock at the time of issuance was $0.4 million. The agreement with this mining contractor expired and was renegotiated during the quarter. Under the revised agreement, the Company can no longer make share payments and instead is required to pay in cash.