Options9 Dec 2020 01:25
In reading through some of the financial statements for Thursday’s meetings I noticed that no “share based compensation”, or options, have been issued since Feb 2017. It also stated that apx 30M of the 35M options that have been granted expire on Jan14, 2021. If im reading this right, POQ is about to lose a lot of his incentive to make a great deal for this company unless more options are granted or these are extended. See below but formatting doesn’t come across well on this. Looking for input or clarification on this.
9. Share based compensation The Group, in accordance with the policies of the TSX-V, may grant options to directors, officers, employees and consultants, to acquire up to 10% of the Group’s issued and outstanding common stock. The exercise price of each option is based on the market price of the Group’s stock at the date of grant, which may be discounted in accordance with TSX-V policies. The exercise price of all options granted to date has been based on the market price of the Group’s stock at the date of grant, and no options have been granted at a discount to the market price. The options can be granted for a maximum term of five years. The Group records compensation expense over the vesting period based on the fair value at the grant date of the options granted. These amounts are recorded as contributed surplus. Any consideration paid on the exercise of these options together with the related contributed surplus associated with the exercised options is recorded as share capital. The Group did not incur a share based expense during the period ended 30 September 2020 (2019: $12,000). Six million options were granted in the period to 30 June 2017 at an average exercise price of CDN$0.20. Two million options vested immediately with an additional one third vesting on each subsequent anniversary until the options fully vested on 22 February 2019. There were no share options exercised during 2019 or for the nine months ended 30 September 2020.
The exercise prices of the outstanding options are as follows: Date of grant Options Exercise price CDN$ Date of Expiry Weighted average contractual life remaining (years) 15 January 2016 29,333,334 0.11 14 January 2021 0.29 22 February 2017 6,000,000 0.20 21 February 2022 1.39 35,333,
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