| 8. |
Stock Options |
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On August 21, 2009 (as amended on May 4, 2011), the Board of Directors of the Company adopted the Company’s 2009 Stock Option Plan (the “Plan”). The Plan is administered by the Board of Directors. Stock options granted under the Plan have a maximum term of five years. The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan is 10% of the Company’s issued and outstanding shares. As at June 30, 2013, the Company had 4,183,693 (2012 – 3,637,276) stock options available for granting pursuant to the 2009 Plan. |
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A summary of the Company’s stock option activity is as follows: |
| Weighted | ||||||||||
| Average | Aggregate | |||||||||
| Exercise | Intrinsic | |||||||||
| Number of | Price | Value | ||||||||
| Options | $ | $ | ||||||||
| Outstanding, June 30, 2011 | 3,548,418 | 0.27 | – | |||||||
| Forfeited | (316,000 | ) | 0.34 | |||||||
| Outstanding, June 30, 2012 | 3,232,418 | 0.27 | – | |||||||
| Expired | (546,418 | ) | 0.95 | |||||||
| Outstanding, June 30, 2013 | 2,686,000 | 0.13 | – |
Additional information regarding stock options outstanding as at June 30, 2013, is as follows:
| Outstanding and exercisable | |||
| Weighted | |||
| average | Weighted | ||
| Range of | remaining | average | |
| exercise prices | Number of | contractual life | exercise price |
| $ | shares | (years) | $ |
| 0.13 | 2,686,000 | 1.1 | 0.13 |