Re: March 19th...Warrants and Options Expiry
in response to
by
Timmins & Beardmore - Northern Ontario
Focused on becoming a near-term Gold Producer
Message: March 19th...
Further to Red's post and info available in the Annual report, here is the Warrants ready to expire in 2009:
| Number of Options | Exercise Price | Expiry Date |
| 8,000,000 | $1.25 | 19-Mar-09 |
| 937,500 | $0.22 | 19-Mar-09 |
| 150,000 | $0.20 | 30-Mar-09 |
| 3,651,500 | $0.18 | 11-Jul-09 |
| 1,786,000 | $0.19 | 1-Sep-09 |
| 5,428,570 | $0.19 | 12-Oct-09 |
| 5,480,000 | $0.75 | 14-Nov-09 |
Unless things turn around substantially, there might be a few more warrants expiring this year without value. Less Dilution, but less opporunity to pick up some easy financing. Along with the 8,000,000 to expire the 937,500 will also be lost. Hopefully can obtain a decent sp in the mid to lower 20's so that SGX can take advantage of the rest of this financing. The 5,480,000 at $0.75 might be a fairly lofty goal, but would definitely make me happy if these were ever in the money!
Below are the Options ready to expire this year:
| Number of Options | Exercise Price | Expiry Date |
| 860,000 | $0.25 | 26-Apr-09 |
| 140,000 | $0.25 | 28-May-09 |
To summarize there is almost $17.5M options to expire this year as of tomorrow if we do not get into the $0.18+ price range. Thats another 8% reduction in fully diluted outstanding shares bringing SGX down to the 202,500,000 level.
Personally I think we will have to go back to the market for money to drill over the summer. Let's hope we can exercise some of these warrants/options to optain this much needed cash.
Cheers!
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