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"back of the napkin" current gold resources valuation
Price: $ 0.10 (in US Dollars)
Shares: 185,375,722 (Fully Diluted)
Market Cap: $ 18.537 M
Gold Equivalent In-Situ: 0.714 M (average of several numbers quoted)
AuEq/Share: 0.00385 oz. (0.714 / 185.375)
Current $/AuEq Valuation: $ 25.96 (18.357 / 0.714) or (0.10 / 0.00385)
Conservative PPS Target: $ 0.135 to 0.154 (@ $ 35 to 40 AuEq x 0.00385)
Aggressive PPS Target: (@ $ 100 AuEq) $ 0.385
New Carolin feature article from Junior Gold Report
Valuation commentary from Mining Market Watch Journal
Audio interview with New Carolin's CEO Bob Thast
From Jay Taylor Media @ http://jaytaylormedia.com/interviews-and-schedule/
Download link:
http://jaytaylormedia.com/media/taylor20151116.mp3
Feature article by Rick Mills of Ahead Of The Herd
LAD/LADFF feature article by Taylor Hard Money Advisors, Inc.
Recent interview with CEO Bob Thast on YouTube
Management’s Discussion & Analysis (MD&A) of Financial Condition
Outlook
The Company has spent the last four years working to complete the acquisition of a 100% interest in the Ladner Gold Project and plans to re-energize its activities after having overcome many hurdles and weak equity market conditions. Upon completing documentation to acquire the remaining 60% interest in the Project, the Company believes the investment community will finally be able to measure and attribute value in keeping with the Company’s mineral property assets.
The restructured and improved balance sheet, in addition to 100% ownership of the Ladner Gold Project, have already increased the market value of the Company following a revaluation of its mineral property assets and decrease in investment risk. These positive factors are expected to enable the Company to move forward from a position of strength to continue exploration at the Ladner Gold Project to increase and upgrade the inferred mineral resource and consider strategic alternatives to create shareholder value.
The Company continues to focus on exploration and development programs to evaluate the Ladner Gold Property to determine future production scenarios, based on the success of raising additional funds. The Company believes that the Carolin Mine has the potential to become a gold producer once again. The Company will continue to evaluate and acquire other properties to expand its exploration portfolio on the prospective and largely unexplored Coquihalla Gold Belt.
The amount of the Company’s exploration expenditures is largely determined by the strength of the resource capital and commodity markets and its ability to obtain funding partners and investor support for its projects.
The Company will continue to require additional funding to maintain its ongoing exploration programs, property maintenance payments and operations and administration for the next fiscal year.
Trends
In common with most junior exploration companies where market valuations have declined up to 80% in the last few years, the Company has found raising funds for exploration and development projects on acceptable terms challenging due to continuing weak equity markets and investors' aversion to provide risk capital for this sector. Management is mindful to minimize dilution to shareholders' equity in any future equity financings. Further exploration and development on the Company's projects will be largely dependent on a recovery in the equity markets and the Company's ability to raise capital on acceptable terms. Based on the significant increases in the gold price and TSX.V Index this year, the Company anticipates that there will be more capital available for exploration in the future, particularly for companies with prospective exploration properties that already demonstrate a mineral resource or reserve.
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00007494
6 month target: US $ 0.35 - 0.50/share
This is based solely on having Ron Cooper assisting LADFF with their capital market plans. Feel free to add your own valuation on the in-situ resources.
If you are unfamiliar with Mr. Cooper, I suggest you do a few web searches, and look at his extensive track record:
PR: New Carolin Engages Mr. Ron Cooper For Capital Markets Support
New Carolin Capital Structure (as of April 27, 2016)
Shares Issued and Outstanding: 137,635,722
Warrants: (to March 09, 2018) 46,740,000 (wt av. CAD$0.07)
Options: (to September 4, 2020) 5,875,000 (wt av. CAD$0.07)
Convertible Debentures: (to December 31, 2016) 500,000 (wt av. CAD$0.075 on conversion of units and exercise of warrants)
Fully Diluted: 185,375,722
http://www.newcarolingold.com/investors/
NCGC Action Plan for the remainder of 2016
- Complete Underground structural survey (May)
- Complete surface structural survey (mid-June)
- Construct new 3D geological model (late June)
Near term plans include updating a 3D geological model created in the fall of 2014 with detailed geological and structural mapping and surveying of the underground and surface areas (as recommended in the current Technical Report). The preliminary 3D model has provided a more thorough understanding of the Carolin Mine gold mineralization and, with the additional work during this program, will provide clear exploration targets for drilling of new areas as well as within the Resource areas. Recommendations in the current Technical Report indicate that a 3D geological model will assist with grade and geological controls to the resource estimate. The 3D model was not available to assist with guiding estimation in the Company's latest resource estimate. As a result not all available data were used, as potential grade boundaries were established without key structural and geological controls.
- Begin drill program at Carolin Mine zone (mid-July)
- Begin McMaster Zone drill program (mid-August)
A diamond drill program with specific targets and objectives will follow the first phase of mapping and surveying at the Idaho Zone (which includes the Carolin Mine and former Aurum Mine) and at the McMaster Zone, which is 1.2 km NW of the Carolin Mine along the Hozameen Fault. The Company also plans to undertake exploration work at two of the several additional known mineralized gold zones located on the Ladner Gold Project.
- Update Technical Report (November)
- Complete new 43-101 Resource Calculation (November)
http://www.newcarolingold.com/wp-content/uploads/2016/04/NCGC-2016-Corporate-Presentation_V5.pdf
Mineralization/Geological Model - Target Areas & Mine Zones
A 17-page PDF outlining priority target areas in all mine zones owned by New Carolin Gold Corp. Download at:
http://www.newcarolingold.com/wp-content/uploads/2016/04/NCGC-2016-Mineralization-and-Geological-Model_V4.pdf
Technical Report on New Carolin's Ladner Gold Project
PR: New Carolin acquires 100% of Ladner Gold Project
Information on New Carolin Gold's Ladner Gold Project
The Ladner Gold Project houses 730,000 ounces of inferred gold resources, and is housed in the Coquihalla Gold Belt in southwestern British Columbia, which is believed to have multimillion-ounce potential.
New Carolin has consolidated a 100% ownership of the 144-square-kilometre contiguous land package, which includes the Carolin mine, one of five historical mines (4 operating) and 30 known high-grade gold occurrences and numerous artisan mining activities since 1890.
The Arum Mine located 300 meters south of the existing Carolin Mine recorded 525 oz au from 495 tons in 1910 and 1925.
The Emancipation gold mine active between 1916 and 1941 recorded 2800 oz gold from a total of 1158 tonnes mined. Located 3 Km's south of the Carolin.
The Pipestem mine located 3 km north of the Carolin Mine recorded production of 8460 grams gold from 1500 tonnes between 1935-1937.
The Carolin Mine, in production from 1982-1984 (27 months) recorded 44,000+ oz au from 880,000 tons.
Brownfield exploration in 2016 is focussed on the Carolin Mine (Idaho Zone) and the McMaster Zone.
There are currently 7 known gold zones and exploration targets on the Ladner Gold Project, none of which has been explored utilizing modern day exploration techniques or know how. In addition to work and drilling planned at the Carolin and McMaster zones in 2016, the Company will undertake exploration at two other known targets as part of the this years work plan.
There is an abundant supply of fresh water adjacent to the mill site and near all development targets. New Carolin has valid water licenses.
Annual water sampling conducted since 2009 of tailings outlet, portals and creeks indicate no hazardous levels of elements of concern including Fe, Cu, Zn, Pb, As.
Current mine permit (M-138) issued in 1981 with no expiration date (registered in the name of New Carolin Gold Corp).
Existing exploration permit in place (MX-7-185).
The company also completed a private placement financing in the amount for $1,126,000 and approximately $750,000 is allocated for exploration in 2016.
http://www.newcarolingold.com/wp-content/uploads/2016/04/NCGC-2016-Corporate-Presentation_V5.pdf
Background Information on New Carolin Gold Management Team
Robert Thast - Director / President and CEO
Mr. Robert Thast (Bob) has acted as Chairman, Chief Executive Officer, Senior Executive and director of a number of publicly traded companies over the past 30 years. Mr. Thast has extensive knowledge of capital markets and financing activities, investor / media / public relations, public company management and has a track record of raising and attracting venture, early stage and operating capital, having personally raised over $200M for companies he directed and managed, or consulted for.
Ken Holmes, LL.B. - Director / Corporate Secretary and Officer
For the past twenty-two years Mr. Holmes has acted as corporate counsel and in senior management roles for public and private companies, in a broad range of businesses and transactions, including several involved in the natural resources (mining, oil and gas) sectors.
Robert P. Lunde - Director
Bob Lunde has over 32 years of business experience in both the private and public sectors. Starting with a foundation of trading in the equity markets in the 1980s, Mr. Lunde has provided corporate and financial management to various companies from the pre-public stage to eventual listing on U.S. and Canadian stock exchanges.
Richard T. Gillard - Director
Mr. Richard Gillard, over the past 11 years, helped organize and was instrumental in the development of Norsemont Mining Inc. during its early stages as well as various other public mining companies. He brings strong leadership, mediation and negotiation skills to the New Carolin Gold Corp. Board of Directors.
R. Bob Singh, P. Geo - Project and Exploration Manager / QP
Bob received his B. Sc. In Economic Geology at the University of British Columbia in 1991 and has worked in the mineral exploration industry for over 25 years. Bob is a registered Professional Geologist and provides exploration services for mining companies working primarily on North America. Bob continues to work as an Exploration Geologist in the field and has developed and implemented new technologies for recording geological data. Bob is proficient with computer software and programming, and uses these skills to interpret and model a wide range of geological exploration data. Bob will act as the company’s QP (Qualified Person) for the new exploration.
Ed Beswick, B.Sc. P. Eng - Environmental Manager and Consultant
Mr. Beswick is a registered professional mining engineer whose experience includes management of field operations and exploration projects and developing and leading environmental and safety programs for mining projects. Ed was the former north central BC Regional Ministry of Mines Manager based in Prince George and former Inspector of Mines and Resident Engineer in southern British Columbia. Most recently Ed was Director of Environment and Permitting for Hillsborough Resources Limited in Vancouver and worked with Hard Creek Nickel Corporation managing environmental, safety and First Nations programs. Ed continues as an advisor for several coal, base metal and precious metal exploration companies with operations in Canada. He was a founding director of the British Columbia Aboriginal Mine Training Association and is a former district Vice President of the Canadian Institute of Mining and Metallurgy.
D. Bruce Letvak, B.Sc., M.Sc. P. Eng – Hydrology Consultant
Bruce Letvak is a licensed professional engineer with over 35 years of experience in resource management centered on water quantity (hydrology). This included monitoring program planning and management, operations standards, hydrology studies, and major project reviews. Reviews of proposed major mine developments covered all aspects connected with water quantity, water supply, operations water budgeting, discharge of surplus water, tailings impoundment water management, environmental considerations, etc. His work included liaison with all levels of government and the private sector.
Doug Warkentin, B.Sc., P. Eng – Metallurgical and Process Development Consultant
Mr. Warkentin is a Metallurgist with over 25 years of experience in the mining industry. He graduated from UBC with a degree in Mining and Mineral Process Engineering, and has been a member of the Association of Professional Engineers and Geoscientists of BC since 1992. He is an author of numerous technical papers and has patents for mine water treatment and process technologies. He has been a principal in several companies providing process development services and environmental technologies to the mining industry. He is currently Senior Metallurgist for Kemetco Research Inc. in Vancouver (formerly BC Research Inc.) and a former director of Duncastle Gold Corp.
Mr. Drago Adam – Media and Marketing Consultant
After a professional hockey career with the New York Rangers, Drago Adam started his own marketing company, The Adam Ad Group, www.AdamAdGroup.com. Over the past 20 years Drago has been involved in all aspects of The Adam Ad Group’s clients marketing plans, which include planning, media buying, creative, video and web production, search engine optimization and marketing, and Google pay per click campaigns. Drago has also created an online newsletter called The Monday Morning Motivator which has a growing subscriber base of over 148,000 people. To view newsletter archive visit http://adamadgroup.com/newsletter-archive/
J. Graham Eacott, B.Sc., M.Sc. - Consultant
Mr. Graham Eacott is the past chairman of New Carolin Gold Corp. and a former director of the Company since 2007. Graham brings a perspective to the Company that has been built on a solid foundation of over 40 years of diversified international experience in the mining and financial industries. This includes company management and business development, private placement financings, financial analysis, investor relations, corporate governance and compliance, and consulting engineering. Prior to retiring in 2007, Mr. Eacott was Vice President of Investor Relations Century Mining Corporation, Tamerlane Ventures Inc., and Royal Oak Mines Inc. Mr. Eacott spent four years in the investment industry as a highly ranked base metals analyst with Scotia Capital, Merrill Lynch and Madison Placements in Toronto, and is a graduate of the Canadian Securities Course.
http://www.newcarolingold.com/corporate/
News: Institutional buyers could be purchasing FFMGF within the end of month!
ThSeeker & douginil, we are in excellent shape here.
Last night, I spent some time with the "All-In Cost" metric - which includes CapEx + OpEx costs.
Using the Springpole Gold Project as an example, since a PEA has already been conducted:
https://www.firstminingfinance.com/projects-portfolio/canadian-projects/springpole-gold-project
ThSeeker, re: our valuation discussion. I had some time this morning to scour the net, and found this recent academic article that you might find interesting.
https://www.researchgate.net/publication/228485647_What_are_in-situ_gold_resources_worth_An_empirical_study
Given the low-risk, and overall averages of size & grade of the FFMGF portfolio, $35-40 is definitely a good, conservative number to use.
I found other articles from sell-side brokers and gold sites that mention $40 either as a median, or a low-end number on a scale as well, but even better, they pointed to the fact that during average bull markets, the value of a gold mining stock will be bid up to (and sometimes well over) $100 AuEq, as the price of gold moves up, etc., so when your friend said that within the next year FFMGF could trade at $100 AuEq, he may be right!
Also, an old article I read used $100 AuEq as a fulcrum between "undervalued" and "overvalued" during the last bull, and I did a quick backtest on a few GDX/GDXJ components, and they checked out, so I think that it could be a good number to use for a potential 12-18 month target.
So, with a price of US $ 0.57:
Shares: 423.12 M rounded up (390,858,872 fully diluted + 32,260,836 for the Cameron purchase)
Market Cap: $ 241.18 M
Gold Equivalent In-Situ: 10.3 M (6.8 Measured & Indicated + 3.5 Inferred, with Cameron added)
AuEq/Share: 0.02434 oz.
Current Valuation: $ 23.42
Conservative PPS Target @ $ 35-40 AuEq = $ 0.85 to 0.97
Aggressive PPS Target @ $ 100 AuEq = $ 2.43
FFMGF 2016 Annual Meeting Documents now available online
https://www.firstminingfinance.com/investor-center/agm-documents
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00022404
NOTICE AND ACCESS NOTIFICATION
Annual General Meeting of Shareholders to be held on June 16, 2016
This notification is being provided to the shareholders of First Mining Finance Corp. (the “Company”) under the notice and access rules for the delivery of meeting materials in respect of its Annual General Meeting of shareholders to be held on June 16, 2016 (the “Meeting”). Under notice and access, instead of receiving printed copies of the Company’s management information circular for the year ended December 31, 2015 (the “Information Circular”), and, if requested, the financial statements and management’s discussion and analysis (collectively, the “Meeting Materials”), the Company is providing shareholders this notice with information on how they may access the applicable Meeting Materials electronically. However, together with this notification, shareholders continue to receive a proxy or voting instruction form, as applicable, enabling them to vote at the Meeting. The Company is adopting this alternative means of delivery in order to further its commitment to environmental sustainability and reduce its printing and mailing costs.
Meeting Date and Location:
When: Thursday, June 16, 2016
10:00 a.m. (Vancouver time)
Where: 1805- 925 West Georgia Street
Vancouver, BC
V6C 3L2
Matters to be Considered at the Meeting:
Financial Statements: To receive and consider the audited annual consolidated financial statements of the Company for the year ended December 31, 2015 and report of auditors thereon. See the section entitled “Business of the Meeting - Receiving Consolidated Financial Statements” in the Information Circular.
Election of Directors: To set the number of directors at five and to elect the directors of the Company for the ensuing year. See the section entitled “Business of the Meeting - Election of Directors” in the Information Circular.
Appointment of Auditors: To appoint BDO Canada LLP, Chartered Accounts, as auditors of the Company for the ensuing year and to authorize the directors to fix their remuneration. See the section entitled “Business of the Meeting - Appointment of Auditors” in the Information Circular.
Confirm the Stock Option Plan: To confirm the Company’s Stock Option Plan, as required annually by the TSX Venture Exchange. See the section entitled “Business of the Meeting - Particulars of Matters to be Acted Upon - Confirming Stock Option Plan” in the Information Circular.
Other Business: To transact such other business as may properly come before the Meeting or any adjournment or adjournments thereof.
Shareholders are reminded to view the Information Circular prior to voting.
Websites Where the Materials are Posted
The applicable Meeting Materials can be viewed under the Company’s profile at www.sedar.com or at the Company’s website at www.firstminingfinance.com.
How to Obtain Paper Copies of the Meeting Materials
Requests for paper copies must be received by May 20, 2016 in order to receive the applicable Meeting Materials in advance of the proxy deposit date for the Meeting. Shareholders who wish to receive paper copies of the applicable Meeting Materials may request copies from the Company by calling toll free 1-844-306-8827. Meeting Materials will be sent to shareholders within three business days of their request if such requests are made before the Meeting.
Shareholders may request paper copies of the applicable Meeting Materials be sent to them by postal delivery at no cost to them. Requests may be made up to one year from the date the Information Circular was filed on SEDAR by email at connie@firstminingfinance.com or toll free 1-877-306-8827.
Meeting Materials will be sent to shareholders within ten calendar days of their request if such requests are made after the Meeting.
The Company has determined that those shareholders with existing instructions on their account to receive a paper copy of the Company’s meeting materials will receive paper copies of the applicable Meeting Materials with this notification.
Voting
If you are a registered shareholder of the Company and are unable to attend the Meeting in person, please read, sign and date the accompanying form of proxy for the Meeting and deposit it with Computershare Investor Services Inc. by courier or mail at 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1, Attention: Proxy Department, or by facsimile at 1-866-249-7775 (toll free in North America) or 1-416-263-9524 (international) by 10:00 a.m. (Vancouver, British Columbia time) on Tuesday, June 14, 2016 or before 48 hours (excluding Saturdays, Sundays and holidays) before any postponement or adjournment of the Meeting). Alternatively, registered shareholders may vote by telephone (1-866-734-8683) or online(www.investorvote.com) using the control number listed on the accompanying form of proxy.
If you are a non-registered shareholder of the Company, please complete and return the voting instruction form (or other accompanying form) in accordance with the instructions for completion and deposit.
https://www.firstminingfinance.com/investor-center/agm-documents
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00022404
The overwhelming majority of this sector was/is overbought. Individual charts with prices @ 75 to 125% over their respective 200 SMAs. Completely unsustainable.
Reversion to the mean, and a healthy pullback are actually welcomed - well, at least to me.
Nothing has changed in this company between Friday and today, so why not get a few shares at a 10-15% "discount"?
Finally got filled @ </= 0.57
Welcome aboard, Implanting!
Adding at these levels... either for a day trade, long-term hold, or both.
Yeah, ThSeeker, I think $40 is a good number to use for M&I, and you can assign $0-10 on the Inferred to keep your valuation conservative.
The "best" way to do this is time-consuming. You would have to do a project-by-project analysis, including a ton of reading here: http://firstminingfinance.com/projects-portfolio/technical-reports - as well as SEDAR, other websites for the Mexican properties, and give each project its own valuation.
Plus, for some of the Mexican holdings, I would drop this "gold equivalent" alchemy bullcrap, and value the property on the correct commodity, like copper or zinc. I understand why they do this, because zinc isn't as shiny or "sexy" as gold, but who is going to buy a copper mine based on its "gold equivalent"?
That being said, north of $ 1.00/share is highly realistic. Keith is going to grow this into a billion dollar market cap company. But how many shares will he have to print to get there? Ah, there's the rub.
Have a great weekend!
About to break 0.30...
PR: Antimony prices up 15%, large Zeolite order
Highlights:
Phins3413,
welcome to iHub, I'm new here myself.
Averaged down, and out at breakeven point.
The pop to 0.25 and beyond I was expecting never materialized.
Back on my watch list.
Good luck to all to the longs here!
Order filled @ 0.24
In @ < 0.25
On my watch list.
Ran several screens in the mining sector this weekend, looking for value plays, and this one kept coming back in the results.
0.188 book/share, plus "intagibles" make this a decent value at this price.
Short-term technical chart looks decent too. With some volume, and a break of 0.30, this should run - at least - to the 200 SMA @ 0.37
Yeah, same here. You know, one of the things that made me a bit hesitant is that it is currently on Day 12 of several paid promotional campaigns. And there's been at least one more series of paid campaigns before these started.
If it wasn't for Keith Neumeyer & Chris Osterman's track records, I would have written this off as just another Canadian resource P&D scheme.
Best wishes on your trading, Squeejo!
38.2% retrace from 0.5729 on deck.
Will it stop here, or try to tag the 50%?
Time to fill out some limit orders...
Scaling in @ < 0.49
Looks like it wants to close the 04/15 gap from 0.4728 up to 0.4800 today.
0.47 should provide good support. We'll see.
I think this entire sector will drift sideways to down a bit - for the next month or so - before resuming upwards.
Should provide a good window to slowly accumulate.
Not enough volume or investor/speculator interest for me.
Sold my "playing with the house's money" shares today at cost/small loss after locking in 40%+ gains in the .65/.70 range.
Good luck to any longs here, and to the company!
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CNET
http://www.cnet.com/special-reports/aiming-high-pot-entrepreneurs-look-to-silicon-valley-for-inspiration/aiming-high-pot-entrepreneurs-look-to-silicon-valley-for-inspiration
High Times
http://www.hightimes.com/read/new-device-tests-marijuana-using-app
MassRoots Inc. (OTCQB:MSRT) names the CannaDx analyzer as the Official Marijuana Analyzer of the cannabis community
https://globenewswire.com/news-release/2015/08/27/763958/0/en/MassRoots-Names-MyDx-the-Official-Marijuana-Analyzer-of-the-Cannabis-Community.html
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Information on MYDX Common Stock:
375,000,000 shares authorized with $0.001 par value; 21,845,932 shares issued and outstanding, as of September 30, 2015 (latest 10Q currently available)
History:
On February 23, 2015, the Company effected a 5-for-1 forward stock split of its issued and outstanding shares of common stock. All share and per share amounts for all periods that have been presented in the condensed consolidated financial statements and notes thereto have been adjusted retrospectively, where applicable, to reflect the forward stock split. The Company filed a Certificate of Amendment to its Certificate of Incorporation which made the forward stock split effective and increased the authorized common shares to 375,000,000 shares with a par value $0.001 per share.
On May 14, 2013 the Company issued 15,000,000 shares of its common stock at $0.002 per share for total proceeds of $3,000.
In April, and May 2014, the Company issued 4,525,000 shares of its common stock at $0.06 per share for total proceeds of $27,150.
Each share of common stock has the right to one vote. The holders of common stock are entitled to dividends when funds are legally available and when declared by the board of directors.
As a result of the Merger, the Company issued a total of 19,855,295 share of common stock to the shareholders of CDx.
During the nine months ended September 30, 2015, the Company issued 1,863,241 shares of common stock in exchange for services at a fair value of $1,192,893.
Common Stock Warrants:
During the nine months ended September 30, 2015, the Company converted warrants to purchase 4,974,567 shares of Series B convertible preferred stock into warrants to common stock. The Company agreed to issue warrants to purchase 2,579,692 and 17,136 shares of common stock during the year ended December 31, 2014 and the three months ended March 31, 2015, respectively. No common stock warrants have been exercised or have expired and the warrants to purchase 7,571,395 shares of common stock were outstanding as of September 30, 2015.
Preferred Stock:
As part of the Merger Agreement, all shares of the Series A and Series B convertible preferred stock converted to common stock, pursuant to the conversion rights.
2014 Equity Incentive Plan:
In June 2014, the Company adopted the 2014 Equity Incentive Plan (the “2014 Plan”), and to date, has reserved 6,200,000 shares of common stock for issuance under the 2014 Plan. Under the 2014 Plan, employees, directors or consultants may be granted nonstatutory stock options, stock appreciation rights, restricted stock and restricted stock units to purchase shares of CDx’s common stock. Only employees are eligible to receive incentive stock options (“ISO”) to purchase common stock. Vesting and exercise provisions are determined by the Board of Directors at the time of grant. The options generally expire ten years from the date of grant. ISOs granted to a participant who, at the time the ISO is granted, has more than 10% of the voting power between all classes of stock, will expire five years from the date of grant. Options vest at various rates ranging from immediately to three years.
As of September 30, 2015, options to purchase 1,718,880 shares were available under the 2014 Plan for issuance.
For the three and nine months ended September 30, 2015, options to purchase 4,438,867 shares of common stock and warrants to purchase 7,571,395 shares of common stock have been excluded from the calculation of net loss per share because the inclusion would be anti-dilutive.
Source:
http://ir.cdxlife.com/
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https://www.cdxlife.com/wp-content/uploads/MyDx-Total-Canna-Profile-Datasheet.pdf