Tri-Valley Corp (fka TVLYQ)

[jonesieatl]

CHANGES IN SECURITIES

From the 1Q08 10-Q:

Common Stock

"During the first quarter of 2008, the Company issued 914,005 shares of common stock.

An employee exercised employee stock options issued in previous years to purchase 5,000 shares of common stock totaling $2,500.

An employee exercised stock options in a cashless exercise for 1,382 shares of common stock.

A former director exercised his stock options in a cashless exercise and was issued 185,677 shares of common stock.

The Company’s directors each received 2,000 shares for services for a total of 14,000 shares.

The remaining 707,946 shares were issued in private placements at prices of $5.00 to $7.40 per share, for a total consideration of $ 3,652,000.

Total stock issuance cost for the first quarter was $395,400."

Okay, cashless exercise? One way a 'cashless exercise' occurs is when someone exercises their options and sells the shares they acquire in so doing , in the same transaction or at least at the same time, resulting in the shareholder netting the gain immediately without having had to put up the cash at the option strike price. Is that what would have happened here or is there another scenario , such as netting fewer shares than he in fact exercised options for?