RE:Warrants
looking at last financials and adding in PP since I figure should be roughly 138.7 million shares......latest shareholder numbers I can find suggest 144.4 million shares ...SO calculate about 6 mllion warrants and options exercised .......in last year
......
c) Share purchase options
The Company has granted directors and employees common share purchase options.
Additional common share purchase options were also granted pursuant to exploration and
evaluation assets acquisition agreements. These options are granted with an exercise price
equal to the market price of the Company’s shares on the date of the grant. The aggregate
number of options are restricted to 10% of the total common shares issued and outstanding,
and the number of options to any individual is restricted to 5% of the total common shares
issued and outstanding, unless that individual is a consultant, in which case the number is
restricted to 2%. The options may not be assigned nor transferred, and can have a term of
no more than 5 years. The options vest at the discretion of the directors.
During the period ended March 31, 2021, the Comapany granted 2,135,000 options to to
directors, officers, employees and consultants of the Company. The options are exercisable
at $0.10 per share expiring on January 6, 2026. The estimated fair value of the options is
$203,438.
A summary of the status of share purchase options outstanding is presented below:
PERIOD ENDED
MARCH 31, 2021
YEAR ENDED
JUNE 30, 2020
OPTIONS
WEIGHTED
AVERAGE
EXERCISE
PRICE OPTIONS
WEIGHTED
AVERAGE
EXERCISE
PRICE
Outstanding at beginning of
period 1,281,429 $0.29 1,295,715 $0.29
Granted 2,135,000 0.10 - -
Expired / Cancelled (521,429) 0.53 (14,286) 0.70
Outstanding at end of period 2,895,000 0.11 1,281,429 0.29
Exercisable at end of period 2,895,000 $0.11 1,281,429 $0.29
At March 31, 2021, the Company has 2,895,000 share purchase options outstanding
entitling the holder thereof the right to purchase one common share for each option held as
follows:
NUMBER OF EXERCISE EXPIRY
OPTIONS PRICE DATE
760,000 $ 0.12 January 17, 2023
2,135,000 $ 0.10 January 7, 2026
As at March 31, 2021, the weighted average remaining contractual life of the share
purchase options was 3.99 years (June 30, 2020 – 1.94 years).
ERIN VENTURES INC.
Notes to the Condensed Inteirm Consolidated Financial Statements
For the nine months ended March 31, 2021
(Unaudited – Prepared by Management)
(Expressed in Canadian Dollars)
24
Note 5 Share Capital (Continued)
d) Share purchase warrants
A summary of the status of share purchase warrants outstanding is presented below:
PERIOD ENDED
MARCH 31, 2021
YEAR ENDED
JUNE 30, 2020
WARRANTS
WEIGHTED
AVERAGE
EXERCISE
PRICE WARRANTS
WEIGHTED
AVERAGE
EXERCISE
PRICE
Outstanding at beginning of
period 56,127,255 $0.17 28,807,578 $0.39
Issued 27,209,322 0.06 31,395,128 0.07
Exercised (2,493,214) 0.07 - -
Expired (3,339,111) 0.40 (4,075,451) 1.31
Outstanding at end of period 77,504,252 $0.13 56,127,255 $0.17
At March 31, 2021, the Company has 77,504,252 common share purchase warrants
outstanding entitling the holders thereof the right to purchase one common share for each
warrant held as follows:
NUMBER OF EXERCISE
WARRANTS PRICE EXPIRY DATE
4,035,778 $ 0.40 May 2, 2021
531,429 2.10 June 2, 2021
8,785,000 0.075 October 9, 2021
60,000 0.05 October 9, 2021
5,763,046 0.22 November 27, 2021
173,000 0.13 November 27, 2021
7,668,322 0.05 September 24, 2022
2,037,500 0.05 October 2, 2022
4,511,000 0.05 December 4, 2022
12,905,000 0.05 December 16, 2022
4,350,000 0.13 April 4, 2023
6,361,174 0.075 April 7, 2023
8,499,901* 0.075 April 13, 2023
5,283,339 0.075 May 8, 2023
2,266,500 0.22 July 27, 2023
4,273,263 0.15 March 25, 2024
77,504,252
* 594,905 warrants exercised subsequently
As at March 31, 2021, the weighted average remaining contractual life of the share
purchase warrants was 1.56 years (June 30, 2020 – 2.16 years).