BioCurex, Inc.(fka BOCX)

[stocktrader001]

from the 10-Q:

Management stock options

During the year ended December 31, 2010, the Company granted 28,500,000 stock options with a grant date value of $1,581,327 to five directors and one officer at an exercise price of $0.0714 per share. The stock options expire on December 31, 2020. Holders of the management stock options may exercise the options by paying the exercise price to the Company or on a cashless basis upon the approval of the Company’s board of directors. Should the options be exercised on a cashless basis, the Company will issue common shares of the Company with a market value equal to the intrinsic value of the options at the close of trading on the date of exercise. The management stock options were not issued under the Company’s Non-Qualified Stock Option Plan and as at July 1, 2010, the Company filed a registration statement under the Securities Act of 1933 to register the underlying shares. Accordingly, any shares issuable upon the exercise of these options will be free trading securities.

The fair value for stock options granted was estimated at the date of grant and revalued on June 30, 2011 using the Black-Scholes option-pricing model and the weighted average fair value of stock options granted during the six months ended June 30, 2011 and 2010 was $0.06 and $0.07 per share, respectively.

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