There was some information on the updated corporate factsheet that answers the question about the 1.2 million share options held by Gundstrom and Uren. They were 14.5 cent options with an September 30 expiry. Since those two people were no longer insiders it looked like we would have to wait for the next quarterly report to find out what they did with the options. At the very bottom of the factsheet it lists 407.7 M shares and 412.7 M FD. In the last quarterly report, good to July 31, the share count was 406.64 M and 3.36 M warrants. The option count was 3.925 M as of July 31, of which 2.25 M were the 14.5 cent batch. The only transactions publicly listed since July 31 and the date of the factsheet, December 22, are listed below:
| Oct 2/14 | Sep 30/14 | Henderson, Catherine | Direct Ownership | Options | 52 - Expiration of options | -30,000 | $0.145
| | Oct 1/14 | Sep 30/14 | Smith, J. Michael | Direct Ownership | Options | 51 - Exercise of options | -500,000 | $0.145
| | Oct 1/14 | Sep 30/14 | Smith, J. Michael | Direct Ownership | Common Shares | 51 - Exercise of options | 500,000 | $0.145
| | Oct 1/14 | Sep 30/14 | Echavarria, Ernesto | Direct Ownership | Options | 51 - Exercise of options | -500,000 | $0.145
| | Oct 1/14 | Sep 30/14 | Echavarria, Ernesto | Direct Ownership | Common Shares | 51 - Exercise of options | 500,000 | $0.145 |
We know Smith and EE exercised their 1 M share options which should increase the share count by the same amount to give 407.64 M. This suggests that the 1.2 M share options from G and U expired, plus 30k shares from CH expired and the 20k shares remaining from that batch were exercised to give the final totals of 407.7 and 412.7 M FD. Let me know if you see any errors in this analysis. On one hand it shows little support from two former employees and one current insider but on the other hand there are 1.23 million less cheap shares available to be sold. |
