<<a whored out parcel of scoundrels.>>
Ouch -that'll hurt.:)
They must have some good news up their collective sleeve- or they would not have done this. Pat Powers -I believe pays himself $4000 a month from Montello. I am guessing that he does the same from Everest -therefore he pays himself $8000 a month or $96000 per year. Considering he has been watching all his former broker type buddies pulling in $200,000 a year in the last two or three years I guess he felt that he was entitled to dig into the pot a bit deeper. Considering that he is the president of two public traded companies -he may be right -but I for one would prefer that INCENTIVE stock options remain as such and not be treated as part of his base salary.
I would assume that the INCENTIVE options were approved at an Annual meeting at one time or another. In my view INCENTIVE options should not be lowered for principals of a public company, highly skilled employees (like geologists and engineers) that a company does not want to lose to competing companies -are the only people that I agree with lowering the strike price for.JP.
FOR THOSE OF YOU THAT ARE CURRIOUS:
Share Structure as at January 31, 1998
SECURITIES ISSUED DURING THE QUARTER ENDED JANUARY 31, 1998
-----------------------------------------------------------
Date of Type of Type of Number of Total Type of Commis
Issue Security Issue Shares Price Proceeds Consid -sion
------- -------- ------- --------- ----- -------- ------- ------
Dec31/97 Common Option 50,000 $0.40 $20,000 Cash $ -
Shares
Jan14/98 Common Option 50,000 $0.40 $20,000 Cash $ -
Shares
Jan30/98 Common Warrants 12,821 $0.44 $5,641 Cash $ -
Shares
OPTIONS GRANTED DURING THE QUARTER ENDED JANUARY 31, 1998
---------------------------------------------------------
No options were granted during the quarter ended Jan. 31, 1998.
AUTHORIZED AND ISSUED SHARE CAPITAL AS AT JANUARY 31, 1998
----------------------------------------------------------
Issued
---------------------
Class Par Value Authorized Number Amount
----- --------- ---------- -------- ----------
Common N.P.V. 100,000,000 35,832,158 $8,697,306
OPTIONS AND WARRANTS OUTSTANDING AS AT JANUARY 31, 1998
-------------------------------------------------------
Exercise or
Number Convertible
Security or Amount Price Expiry Date
-------- --------- ----------- ----------------
Options 233,630 $0.40 July 28, 1999
Options 225,000 $0.28 February 6, 2000
Options 300,334 $0.30 January 2, 2001
Options 291,000 $0.40 March 1, 2001
Options 150,000 $0.57 October 24, 2001
Options 100,000 $0.63 January 7, 2002
Options 500,000 $0.59 April 29, 2002
Options 500,000 $0.68 May 6, 2002
Options 1,000,000 $0.73 October 15, 2002
Warrants 499,999 $0.44 May 15, 1998
Warrants 2,000,000 $0.58 June 10, 1999
SHARES IN ESCROW OR SUBJECT TO POOLING RESTRICTIONS AS AT
JANUARY 31, 1998
---------------------------------------------------------
Number of shares
----------------
Escrow Nil
Share Structure as at April 30, 1997
Securities Issued During Quarter
Issue Date Security Issue # Shares Price Total
02/28/97 Common Option 25,000 $0.40 $10,000
02/28/97 Common Option 79,370 $0.40 $31,748
02/28/97 Common Option 37,000 $0.40 $14,800
03/31/97 Common Warrants 25,000 $0.40 $10,000
Options Granted During the Quarter Ended 04/30/97
Date Number Type Name Excercise Expiry
Price
No options were granted during this quarter.
Authorized & Issued Share Capital Structure
Class Par Value Authorized Number Amount
Common N.P.V. 100,000,000 31,024,214 $6,987,239
Options & Warrants Outstanding as at 04/30/97
Security Amount Exercise Price Expiry Date
Options 283,630 $0.40 07/28/1999
Options 225,000 $0.28 02/06/2000
Options 343,334 $0.30 01/02/2001
Options 541,000 $0.40 03/01/2001
Warrants 512,820 $0.44 05/15/1997
Warrants 500,000 $0.25 06/21/1997
Warrants 725,000 $0.25 07/31/1997
Warrants 1,227,123 $0.25 07/31/1997
Shares in Escrow or Subject to Pooling Restrictions
Escrow: 187,500
Share Structure as at January 31, 1997
Iss Date Security Issue # Shares Price Total
11/27/97 Common Warrants 75,758 $0.35 $26,515
01/20/97 Common Option 15,000 $0.30 $ 4,500
01/21/97 Common Option 100,000 $0.40 $40,000
01/31/97 Common Warrants 276,743 $0.30 $83,023
Options Granted During the Quarter Ended
Date Number Type Name Excs Expiry
Price
11/04/96 100,000 Director Dan Power $0.57 10/24/01
11/04/96 50,000 Employee T. Yingling $0.57 10/24/01
Authorized & Issued Share Capital Structure
Class Par Value Authorized Number Amount
Common N.P.V. 100,000,000 30,840,531 $6,920,691
Options & Warrants Outstanding
Security Amount Exercise Price Expiry Date
Options 450,000 $0.40 07/18/1999
Options 225,000 $0.28 02/06/2000
Options 343,334 $0.30 01/02/2001
Options 541,000 $0.40 03/01/2001
Warrants 512,820 $0.44 05/15/1997
Warrants 466,850 $0.25 06/21/1997
Warrants 725,000 $0.25 07/31/1997
Warrants 1,110,919 $0.25 07/31/1997
Shares in Escrow or Subject to Pooling Restrictions
Escrow: 187,500
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