Options may be in violation.........of the Company governance in the latest Information Circular of April 20,2014.
The rolling option plan allows for a maximum of 10% of issued and outstanding shares. According to the web site, there are 155,566,460 shares outstanding. That would allow about 15.5 million options maximum and they approximately reached the 10% limit last week. Today's issue of 2.8 million shares puts them that full amount over the limit. It would appear that they calculated their maximum allowable options based on the fully diltued numbers, including all options issued but not issued and outstanding as shares. This is appears to be wrong.
This is an error that should be corrected. Shareholders buy into these companies in the expectation that the rules will be followed properly. I doubt that any shareholders are interested in losing possibily millions of dollars due to an over-issue of options because the costs do come directly out of the other shareholders' pockets should the options move into the money.
I'm sure this is a simple error. Greg is well respected for honesty in the industry.