SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2017

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 8   SHAREHOLDERS’ EQUITY

During the six months ended June 30, 2017, 20,000 shares of common stock were issued upon the exercise of stock options under the Company’s Equity Incentive Plan, at the weighted average exercise price of $2.34 per share for proceeds of $0.1 million. This compares to 811,334 shares of common stock issued upon exercise of stock options during the same period of 2016, at a weighted average exercise price of $2.33 per share for proceeds of $1.9 million.

During the six months ended June 30, 2017, the Company paid a semi-annual return of capital distribution of $0.005 (June 30, 2016 - $0.005), per share of common stock, for a total of $1.5 million (June 30, 2016 - $1.5 million).

During the three months ended June 30, 2017, the Company issued 12,687,035 shares of common stock as part of the Lexam acquisition completed on April 26, 2017. Refer to Note 15 Acquisition of Lexam.