Update on share structure from final report at Sedar:
Note 9. SHARE CAPITAL
a) Shares
Authorized
100,000,000 common shares without par value
Issued
Year Ended Year Ended
December 31, 2006 December 31,2005
Shares Amount Shares Amount
Balance, beginning of year 34,438,470 $ 10,533,874 14,110,446 $ 7,040,787
Issued for resource property acquisition 398,462 76,100
Issued for cash by way of private placement 8,251,255 2,986,189 19,440,062 4,137,000
Issued on exercise of options and warrants 11,751,541 2,807,346 489,500 79,400
Adjustment for rounding on 2004 share consolidation (64)
Shares cancelled as a result of agreements with
two former Directors (455,000) (99,500)
Transfer from contributed surplus on exercise of
options 163,591 -
Share issue costs (121,816) (799,413)
Balance shares, end of year 53,986,202 $ 16,269,684 34,438,470 $ 10,533,874
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b) Warrants
Balance , beginning of year 15,601,629 $ 395,163 - -
Add broker warrants 2,124,586 53,816 15,601,629 $ 395,163
Less warrants redeemed (10,261,541) (259,925) -
Less warrants cancelled (386,608) - -
Balance warrants, end of year 7,078,066 189,054 15,601,629 395,163
Balance shares and warrants, end of year $ 16,458,738 $ 10,929,037
As at December 31, 2006, 7,078,066 warrants with exercise prices ranging from $0.15 to $0.30 are
outstanding. These warrants expire on February 10 and July 7, 2007.
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c) Options
The Company has a Stock Option Plan whereby the Board of Directors is authorized to enter into incentive
stock option agreements with directors, officers, consultants and employees, up to a maximum of 10% of the
issued and outstanding shares as at the date of grant. The price is determined on the Date of the grant by
taking the closing price of the previous day on the TSX Venture Exchange. The options are non-transferable
and will expire thirty days after the optionee ceases to be an “eligible person”, or one year after the death or
disability of the optionee. At December 31, 2006 there were no shares authorized or reserved for stock option
grants other than for the options outstanding at that date as disclosed in the table below.
As at December 31, 2006 and 2005 the Company had the following stock options outstanding:
2006 2005
Weighted Weighted
average average
Number of exercise Number of exercise
Options price Options price
Outstanding, beginning of year 4,070,000 $ 0.22 1,100,000 $ 0.10
Granted 2,360,000 0.30 3,170,000 0.25
Exercised (1,490,000) 0.14 ( 200,000 ) 0.10
Expired or cancelled ( 330,000) 0.27 - -
Outstanding, end of year 4,610,000 $ 0.28 4,070,000 $ 0.22
Exercisable, at end of year 3,203,334 $ 0.28 4,070,000 $ 0.22
During the year 2,360,000 options were issued:
�� 300,000 fully vested,
�� 1,960,000 will vest equally over a three year period, with one third vested when issued and one
third vesting on each anniversary date,
�� 100,000 options, with one third vesting at the end of each one year period.
All options issued prior to the current year were fully vested when granted.
