optionsif this too generous?
2005 Form 40-F
"On July 31, 2003, 5,000,000 options were allocated and issued to management and a consultant at an exercise price of Cdn$1.67 for a 10 year period. The Company had previously agreed to grant these options with an exercise price equal to the issue price of the subscription receipts of Cdn$1.20 per share. To account for this difference in value, the Company issued 808,000 common shares to the aforementioned optionees in connection with previous subscriptions that were approved by the shareholders at the February 29, 2004 annual general meeting. The Company has recognized compensation expense in the current fiscal period in the amount of $1.02 million in this regard. The Company has funded the subscriptions totaling Cdn$1.35 million. "