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10. Stock Options
 9 Months Ended
Sep. 30, 2017
Notes  
10. Stock Options

10.          Stock Options

 

In the fourth quarter of 2016, the Company granted 2,750,000 options to management, directors, consultants, and employees of the Company. Of these options 1,225,000 vested in the fourth quarter of 2016 and the remaining 1,525,000 vest in 2017. The options had a fair value of $268,032 which is being recognized ratably over the vesting period. Compensation costs of $151,143 were recognized in the fourth quarter of 2016. Compensation costs of $33,504 and $100,512 was recognized in the three and nine month periods ended September 30, 2017, respectively. The remaining unrecognized compensation cost of $16,377 is expected to be recognized in the fourth of 2017.

 

In the second quarter of 2017, the Company granted 400,000 options to consultants and employees of the Company. These options vest in the second quarter of 2018. The options had a fair value of $36,777 which is being recognized ratably over the vesting period. Compensation cost of $9,194 and $15,324 was recognized in the three and nine month periods ended September 30, 2017, respectively. The remaining unrecognized compensation cost of $21,453 is expected to be recognized in the remainder of 2017 and the first half of 2018.

 

Stock based compensation costs are included in management, production, exploration, and general and administrative expenses where applicable.

 

 

 

 

Number of Options

 

Exercise Prices

Balance January 1, 2016

 

5,750,000

$

0.10-0.15

   Exercised

 

(500,000)

 

0.10

Issued

 

2,750,000

 

0.15

Expired

 

(500,000)

 

0.11

Balance December 31, 2016

 

7,500,000

$

0.10-0.15

Expired

 

(500,000)

 

0.10

Issued

 

400,000

 

0.15

Balance September 30, 2017

 

7,400,000

$

0.10-0.15

 

 

 

 

 

Exercisable at September 30, 2017

 

5,475,000

$

0.10-0.15

 

 

At September 30, 2017, the stock options have an intrinsic value of approximately $192,500 and have a weighted average remaining term of 2.5 years.