35 unchanged sentences
In November 2019, the Company granted 158,000 restricted shares of common stock to its executives and non-executive directors.
−Removed: All 155,000 shares of such restricted stock vested on January 1, 2020.
−Removed: In November 2018, the Company granted 155,000 restricted shares of common stock to its executives and non-executive directors.
The restricted stock granted vests in January 2022.
As of June 30, 2021, there were 158,000 shares of such restricted stock that remained unvested.
−Removed: In December 2018, the Company cancelled 117,332 shares of unvested restricted stock held by two of its executives and the non-executive directors that were set to vest on January 1, 2019.
−Removed: The Company also granted 146,666 restricted shares of common stock to two of its executives and non-executive directors.
−Removed: The restricted shares cancellation and the subsequent new grants were accounted for as modification to the original restricted stock grants.
−Removed: The incremental fair value will be recognized over the vesting period.
−Removed: The impact of the modification to the current quarter was immaterial.
−Removed: All of the restricted stock granted in December 2018 vest in January 2021.
−Removed: As of June 30, 2020, there were 146,666 shares of such restricted stock that remained unvested.
−Removed: In November 2019, the Company granted 158,000 restricted shares of common stock to its executives and non-executive directors.
−Removed: The restricted stock granted vests in January 2022.
−Removed: As of June 30, 2020, there were 158,000 shares of such restricted stock that remained unvested.
In connection with the appointment of Rick Van Nieuwenhuyse as the President and Chief Executive Officer of the Company, on January 9, 2020, the Company issued 75,000 shares of restricted stock to Mr.
Van Nieuwenhuyse.
−Removed: The shares of restricted stock will vest in two equal installments, half on the first anniversary of Mr.
+Added: The shares of restricted stock vest in two equal installments, half on the first anniversary of Mr.
Van Nieuwenhuyse’s employment with the Company and half on the second anniversary of his employment with the Company, subject to acceleration upon a change of control of the Company.
−Removed: As of June 30, 2020, the total compensation cost related to unvested awards not yet recognized was $3,274,204.
+Added: Of the restricted stock issued, 37,500 shares vested on January 6, 2021, and as of June 30, 2021, 37,500 shares of such
+Added: restricted stock remain unvested.
+Added: On December 1, 2020, the Company granted an aggregate 20,000 shares of Common Stock to two new employees.
+Added: The restricted stock granted to such employees vests in equal installments over three years on the anniversary of the grant date.
+Added: On December 11, 2020, the Company granted 162,500 restricted shares of Common Stock to its executives and non-executive directors.
+Added: The restricted stock granted to the executives and non-executive directors vests between January 2022 and January 2023.
+Added: On December 11, 2020 the Company also granted Mr.
+Added: Van Nieuwenhuyse 23,333 shares of restricted stock in conjunction with his short-term incentive plan, and such shares will vest in January 2022.
+Added: As of June 30, 2021, all 205,833 shares of restricted stock granted in December 2020 remained unvested.
+Added: As of June 30, 2021, the total compensation cost related to unvested restricted stock awards not yet recognized was $3,435,316.
The remaining costs will be recognized over the remaining vesting period of the awards.
−Removed: Neither Brad Juneau, the Company’s former Chairman, President and Chief Executive Officer and current Executive Chairman, nor any of the Company’s non-executive directors have ever been paid a salary or cash compensation by the Company.
On September 23, 2020, the Company completed the issuance and sale of an aggregate of 247,172 shares of the Company’s common stock, par value $0.01 per share, in a private placement (the “2020 Private Placement”) to certain purchasers who are accredited investors.
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The Company’s President and Chief Executive Officer, Rick Van Nieuwenhuyse, purchased 75,472 of shares of common stock in the 2020 Private Placement, for total consideration of $1.0 million, on the same terms and conditions as all other Purchasers.
−Removed: As a result of Mr.
−Removed: Van Nieuwenhuyse’s purchase, as of September 23, 2020, his ownership interest in the Company is 2.2%.
The Audit Committee of the Company has reviewed and approved all agreements and arrangements relating to Mr.
Van Nieuwenhuyse’s participation in the 2020 Private Placement.
−Removed: - Subsequent Events for information on the 2020 Private Placement.
−Removed: The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company.
+Added: The Company entered into Stock Purchase Agreements dated as of June 14, and June 17, 2021 for the sale of an aggregate of 523,809 shares of Common Stock at a purchase price of $21.00 per share of Common Stock, in a private placement (the “2021 Private Placement”) to certain accredited investors.
+Added: The 2021 Private Placement closed on June 17 and 18, 2021.
+Added: The 2021 Private Placement resulted in approximately $11.0 million of gross proceeds and approximately $10.9 million of net proceeds to the Company.
+Added: The Company will use the net proceeds from the 2021 Private Placement to fund its exploration and development program and for general corporate purposes.
+Added: The shares sold in the 2021 Private Placement were issued in reliance on an exemption from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
+Added: The bases for the availability of this exemption include the facts that the issuance was a private transaction which did not involve a public offering and the shares were offered and sold to a limited number of purchasers.
+Added: Rick Van Nieuwenhuyse, the Company’s President and Chief Executive Officer, purchased 47,619 shares of Common Stock, for a purchase price of approximately $1,000,000, in the 2021 Private Placement pursuant to a Purchase Agreement dated June 17, 2021, on the same terms and conditions as all other purchasers, except that Mr.
+Added: Nieuwenhuyse did not receive any of the rights under the Registration Rights Agreement.
+Added: The 2021 Private Placement to Mr.
+Added: Nieuwenhuyse closed on June 18, 2021.
+Added: The table below lists the current options outstanding for the Company:
Option Awards
3 unchanged sentences
Expiration Date
−Removed: September 2011 (1)
−Removed: Vested over two years, beginning with one-third on the grant date.
−Removed: September 2016
−Removed: July 2012 (2)
−Removed: Vested over two years, beginning with one-third on the grant date.
−Removed: December 2012 (3)
−Removed: Vested over two years, beginning with one-third on the grant date.
−Removed: December 2017
−Removed: June 2013 (4)
−Removed: Vested Immediately
−Removed: July 2013 (5)
−Removed: Vested Immediately
−Removed: September 2013 (6)
−Removed: Vested Immediately
−Removed: September 2018
−Removed: September 2013 (6)
−Removed: Vested over two years, beginning with one-third on the grant date.
−Removed: September 2018
January 2020 (1)
Vests over two years
−Removed: (1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to its technical consultant, the owner of Avalon, for services performed during fiscal year 2011.
−Removed: Of the total options granted as a part of this grant, 15,000 were later forfeited, and the rest have been exercised.
−Removed: (2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to its technical consultant for services performed during fiscal year 2012.
−Removed: Of the total options granted as a part of this grant, 25,000 were later forfeited, and the rest have been exercised.
−Removed: (3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to its technical consultant for services performed during fiscal year 2013.
−Removed: Of the total options granted as a part of this grant, 50,000 were later forfeited.
−Removed: (4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013.
−Removed: (5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013.
−Removed: All of these stock options have been exercised.
−Removed: (6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014.
(1) The Company granted 100,000 stock options to its President and CEO, upon hire, during the third quarter of fiscal year 2020.
+Added: None of these options have been exercised as of June 30, 2021.
(2) If at any time there occurs a change of control, as defined in the Amended Equity Plan, any options that are unvested at that time will immediately vest.
−Removed: There were no stock option exercises during the fiscal year ended June 30, 2020.
−Removed: During the fiscal year ended June 30, 2019, the Company’s current and former executives, directors, and consultants cashless exercised 35,625 stock options resulting in the issuance of 19,513 shares of common stock to the exercising parties and no proceeds to the Company.
+Added: There were no stock option exercises during the fiscal years ended June 30, 2021 or June 30, 2020.
SELECTED FINANCIAL DATA
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.