10. Warrants

Further to Note 9, warrants granted and outstanding are summarized in the following table:

	Warrants granted		Valuation			Warrants exercised			Warrants expired			Warrants outstanding			Weighted average exercise price per share		Expiry date	Weighted average remaining life (yrs.)		Intrinsic value

As of December 31, 2008		12,408,917	$	336			(11,683,841	)		(525,077	)		200,000		$	6.00			-
As of December 31, 2009		12,408,917		336			(11,683,841	)		(525,077	)		200,000			6.00			-
Private placement October 2010		14,666,739		9,329			-			-			14,666,739			3.50	Oct-15		4.8
Finder's and agent's warrants October 2010		641,305		444			-			-			641,305			3.50	Oct-15		4.8
Finder's and agent's compensation warrants October 2010		630,436		612			-			-			630,436			2.30	Oct-12
As of December 31, 2010		28,347,397		10,721			(11,683,841	)		(525,077	)		16,138,480			3.48			4.6	$	57
Convertible notes broker warrants		-		(336	)		-			(200,000	)		(200,000	)		6.00	Mar-11
Exercised from the October 22, 2010 private placement		-		(97	)		(88,242	)		-			(88,242	)		3.50	Oct-15
Outstanding and exercisable as of December 31, 2011		28,347,397	$	10,288			(11,772,083	)		(725,077	)		15,850,238		$	3.45			3.7	$	485

Each warrant entitles the holder to purchase one Common Share. See Note 9.

As discussed in Note 9 above, we completed a private placement financing in October 2010 in which we issued 14,666,739 special warrants. Upon receipt of shareholder approval of the private placement, each special warrant was automatically exercised for one Common Share and one Common Share purchase warrant. The net proceeds of $33,067 from the private placement were allocated to Common Shares and warrants, pro rata, using the market value of the Common Shares and the fair value of the warrants. As a result, warrants increased by $9,329.

The fair value of the warrants was determined using the Black-Scholes model with the following weighted average assumptions:

Expected volatility	65	%
Risk-free interest rate	2.11	%
Expected lives (years)	5
Dividend yield	N/A

As discussed in Note 9 above, we agreed to pay fees in respect of subscriptions from investors introduced to us by a finder in the United States and an agent and finder in Canada. The fair value of the Special Warrants issued to the finders and agents and the fair value of the compensation warrants issued to the finders and agents was allocated pro rata to the Common Share and warrant components of the units. As such, warrants were reduced by $628.

The fair value of the Warrants issued to the agents and finders was determined using the Black-Scholes model above. The fair value of the compensation warrants issued to the finders and agents was determined using the Black-Scholes model with the following weighted average assumptions:

Expected volatility	65	%
Risk-free interest rate	0.68	%
Expected lives (years)	2
Dividend yield	N/A

On March 2, 2011, we announced that the 15,308,044 warrants issued on December 15, 2010 in connection with our private placement of Warrants began trading March 1, 2011 on the TSX under the symbol VGZ.WT.U.

On March 4, 2011, the warrants that were issued to the brokers in conjunction with the brokered private placement of the Notes expired. The value attributable to these warrants has been reclassified to additional paid-in capital as a result.

On May 5, 2011, our resale registration statement on Form S-3, which we agreed to file pursuant to the terms of our October 22, 2010 private placement of 14,666,739 warrants was declared effective. The registration statement registers for resale Common Shares, warrants and Common Shares issuable upon the exercise of warrants held by certain security holders named in the prospectus contained in the registration statement. The registration statement also registers the issuance of Common Shares underlying the warrants by holders that purchase the warrants pursuant to the resale registration statement.

Compensation Options

	Compensation options		Valuation		Compensation options outstanding		Weighted average exercise price		Expiry date	Weighted average remaining life (yrs.)		Intrinsic value

As of December 31, 2008		-	$	-		-	$	-				$	-
As of December 31, 2009		-		-		-		-					-
As of December 31, 2010		-		-		-		-					-
Issued as compensation to the underwriters		450,000		588		450,000		3.24	Apr-13		1.3		-
As of December 31, 2011		450,000	$	588		450,000	$	3.24			1.3	$	-

In connection with the Offering, Vista granted 450,000 compensation options to the Underwriters as compensation. Each compensation option is exercisable until April 20, 2013 to purchase one Common Share at the issue price of C$3.30, which was $3.07 at December 31, 2011.