On March 9, 2006, the Company filed a Form S-8 registration statement in connection with its newly adopted 2006 Stock Option Plan (the "2006 Plan") allowing for the direct award of shares or granting of stock options to acquire up to a total of 2,000,000 common shares. On December 18, 2006, February 16, 2007, July 11, 2007, September 29, 2009, May 3, 2011, March 1, 2012, and February 27, 2013, the 2006 Plan was amended to increase the stock option pool by a total of 30,500,000 additional common shares.
The following is a continuity schedule of the Company's stock options, all of which vest on the grant date:
| Number of | Weighted-Average | |||||||
| Stock Options | Exercise Price ($) | |||||||
| Outstanding and exercisable, June 30, 2011 | 14,130,000 | 0.29 | ||||||
| Issued | 15,845,000 | 0.27 | ||||||
| Exercised | (510,000 | ) | 0.16 | |||||
| Expired | (2,475,000 | ) | 0.15 | |||||
| Cancelled | (3,300,000 | ) | 0.31 | |||||
| Outstanding and exercisable, June 30, 2012 | 23,690,000 | 0.29 | ||||||
| Issued | 7,595,000 | 0.23 | ||||||
| Exercised | (700,000 | ) | 0.15 | |||||
| Expired | (1,695,000 | ) | 0.15 | |||||
| Cancelled | (1,750,000 | ) | 0.32 | |||||
| Outstanding and exercisable, June 30, 2013 | 27,140,000 | 0.28 | ||||||
The following is a summary stock options outstanding as of June 30, 2013:
Exercise Price($) |
Number of Stock Options |
Expiry Date | |||||
| 0.35 | 750,000 | September 2, 2013 | |||||
| 0.40 | 4,850,000 | May 11, 2014 | |||||
| 0.30 | 3,750,000 | July 1, 2016 | |||||
| 0.29 | 1,695,000 | July 13, 2016 | |||||
| 0.20 | 1,850,000 | October 24, 2016 | |||||
| 0.21 | 2,240,000 | December 1, 2016 | |||||
| 0.28 | 5,925,000 | March 7, 2017 | |||||
| 0.23 | 180,000 | May 23, 2017 | |||||
| 0.21 | 5,900,000 | February 27, 2018 | |||||
| 27,140,000 | |||||||