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Subsequent Events Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
CEO Succession
On October 14, 2013, Jacques Perron succeeded Kevin Loughrey as TCM's Chief Executive Officer (CEO). On the same date, Timothy Haddon, TCM's Lead Director, succeeded Mr. Loughrey as Chairman of TCM's Board of Directors. In connection with Mr. Perron's appointment as CEO, he received a one-time signing bonus of $200,000, payable on his regular pay day following his first day of employment, and our Board approved a one-time inducement award comprised of stock options to purchase 400,000 shares of TCM's common stock and 300,000 RSUs, each to vest in three equal annual installments beginning on the first anniversary of the date of grant. These grants will be effective once TCM's trading blackout currently in effect is lifted, in accordance with applicable stock exchange requirements. The stock options will be exercisable for five years from the date of grant.
Development Properties
During the third quarter of 2013, TCM negotiated a contract with U.S. Energy to sell land originally acquired by one of TCM's subsidiaries for easements related to the Mt. Emmons project, and an agreement was reached in October 2013. This transaction represents the culmination of negotiations that were on-going as of the balance sheet date. As such, TCM has considered the impact of the contract on the carrying value of the land and recorded a pre-tax, non-cash write down of the land value of $0.8 million further discussed in Note 5.
As of October 4, 2013, TCM terminated the vending agreement through which it had held an interest in the Davidson property. The Davidson property is an early-stage molybdenum property located in west-central British Columbia. The Company entered into the vending agreement to explore and develop the property in 2005. The termination of its interest in the Davidson property will have no material impact on the Company's financial statements.