o
|
Preliminary
Proxy Statement
|
¨
|
Confidential,
for Use of the Commission Only (as Permitted by Rule
14a-6(e)(2))
|
x
|
Definitive
Proxy Statement
|
¨
|
Definitive
Additional Materials
|
¨
|
Solicitation
Material Pursuant to Rule 14a-11(c) or rule
14a-12
|
x
|
No
fee required.
|
¨
|
Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
|
|
1)
|
Title
of each class of securities to which transaction
applies:
|
|
2)
|
Aggregate
number of securities to which transaction
applies:
|
|
3)
|
Per
unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was
determined):
|
|
4)
|
Proposed
maximum aggregate value of
transaction:
|
|
5)
|
Total
fee paid:
|
¨
|
Fee
paid previously with preliminary
materials.
|
¨
|
Check
box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its
filing.
|
|
(1)
|
Amount
Previously Paid:
|
|
(2)
|
Form,
Schedule or Registration Statement
No.:
|
|
(3)
|
Filing
Party:
|
(4)
|
Date
Filed:
|
Sincerely
yours,
|
Christopher
M. Chipman
|
Secretary
and Chief Financial Officer
|
Capital
Gold Corporation
|
|
1.
|
To
elect five members to the Board of Directors of the Company to serve until
their respective successors are elected and qualified (“Proposal No.
1”);
|
|
2.
|
To
amend our Amended and Restated By-laws to provide for the classification
of the Board of Directors into three classes of directors with staggered
three-year terms (“Proposal No.
2”);
|
|
3.
|
To
ratify the selection by our audit committee of Wolinetz, Lafazan &
Company, P.C., independent registered public accountants, to audit the
financial statements of the Company for the year ending July 31, 2010
(“Proposal No. 3”);
|
|
4.
|
To
amend our 2006 Equity Incentive Plan to increase the number of shares of
common stock authorized for issuance under the Plan from 10,000,000 to
17,500,000 shares (“Proposal No. 4”);
and
|
|
5.
|
To
transact such other matters as may properly come before the meeting or any
adjournment or postponement
thereof.
|
By
Order of the Board of Directors,
|
|
Christopher
M. Chipman, Secretary and Chief
Financial Officer
|
|
·
|
To
elect five directors to the Board of Directors to serve until their
respective successors are elected and
qualified;
|
|
·
|
To
amend our Amended and Restated By-laws to provide for the classification
of the Board of Directors into three classes of directors with staggered
three-year terms;
|
|
·
|
To
ratify the selection by our audit committee of Wolinetz, Lafazan &
Company, P.C., independent registered public accountants, to audit the
financial statements of the Company for the year ending July 31,
2010;
|
|
·
|
To
amend our 2006 Equity Incentive Plan to increase the number of shares of
common stock authorized for issuance under the Plan from 10,000,000 to
17,500,000 shares; and
|
|
·
|
To
transact such other matters as may properly come before the meeting or any
adjournment or postponement
thereof.
|
·
|
By
Mail - You may vote your shares by signing and returning
the enclosed proxy card. If you vote by proxy card, your “proxy” (each or
any of the individuals named on the proxy card) will vote your shares as
you instruct on the proxy card.
|
·
|
In
Person - You may attend the Annual Meeting and vote in
person. We will give you a ballot when you arrive. If your stock is held
in the name of your broker, bank or another nominee (a “Nominee”), you
must present a proxy from that Nominee in order to verify that the Nominee
has not already voted your shares on your
behalf.
|
|
1.
|
To
elect five members to the Board of Directors of the Company to serve until
their respective successors are elected and qualified (“Proposal No.
1”);
|
|
2.
|
To
amend our Amended and Restated By-laws to provide for the classification
of the Board of Directors into three classes of directors with staggered
three-year terms (“Proposal No.
2”);
|
|
3.
|
To
ratify the selection by our audit committee of Wolinetz, Lafazan &
Company, P.C., independent registered public accountants, to audit the
financial statements of the Company for the year ending July 31, 2010
(“Proposal No. 3”);
|
|
4.
|
To
amend our 2006 Equity Incentive Plan to increase the number of shares of
common stock authorized for issuance under the Plan from 10,000,000 to
17,500,000 shares (“Proposal No. 4”);
and
|
|
5.
|
To
transact such other matters as may properly come before the meeting or any
adjournment or postponement
thereof.
|
|
·
|
Each
person, individually or as a group, known to us to be deemed the
beneficial owners of five percent or more of our issued and outstanding
Common Stock;
|
|
·
|
Each
of our Directors and the Named Executives;
and
|
|
·
|
All
of our officers and Directors as a
group.
|
Name
and Address of Beneficial
Owner
|
Amount
and Nature of
Beneficial
Ownership
|
Approximate
Percentage
Beneficial
Ownership (1)
|
||||||
Gifford
A. Dieterle*
|
4,027,781 | (2) | 2.1 | % | ||||
16
Grouse Lane
|
||||||||
Lloyd
Harbor, NY
|
||||||||
John
Brownlie*
|
1,924,500 | (2) | 1.0 | % | ||||
6040
Puma Ridge
|
||||||||
Littleton,
CO 80124
|
||||||||
Christopher
M. Chipman*
|
1,705,729 | (2) | ** | |||||
826
Fayette Street
|
||||||||
Conshohocken,
PA 19428
|
||||||||
Scott
Hazlitt*
|
1,750,000 | (2) | ** | |||||
9428
W. Highway 50
|
||||||||
Salida,
CO 81201
|
||||||||
Leonard
J. Sojka*
|
26,340 | |||||||
1460
Spring Valley Road
|
||||||||
Golden
Valley, MN 55422
|
||||||||
John
W. Cutler*
|
75,800 | |||||||
4190
Lively Lane
|
||||||||
Dallas,
TX
|
||||||||
Stephen
M. Cooper*
|
2,000 | ** | ||||||
10475
Park Meadows Drive
|
||||||||
Suite
600
|
||||||||
Lone
Tree, CO 80124
|
||||||||
Sprott
Asset Management, Inc.
|
30,911,900 | 15.9 | % | |||||
Suite
2700, South Tower
|
||||||||
Royal
Bank Plaza
|
||||||||
Toronto,
ON M5J 2J1
|
||||||||
Canada
|
||||||||
Sprott
Canadian Equity Fund
|
10,712,100 | 5.5 | % | |||||
Suite
2700, South Tower
|
||||||||
Royal
Bank Plaza
|
||||||||
Toronto,
ON M5J 2J1
|
||||||||
Canada
|
||||||||
Van
Eck Associates Corporation
|
13,946,660 | (3) | 7.2 | % | ||||
335
Madison Ave., 19th
Flr
|
||||||||
New
York, NY 10017
|
||||||||
All
Officers and Directors as a Group (7 persons)
|
9,512,150 | 4.8 | % |
(1)
|
Based
upon 193,973,949 shares issued and outstanding as of November 6,
2009.
|
(2)
|
For
Messrs. Dieterle, Brownlie, Chipman and Hazlitt includes, respectively,
1,000,000 shares, 1,000,000 shares, 750,000 shares and 600,000 shares
issuable upon exercise of options.
|
(3)
|
Represents
shares held within mutual funds and other client accounts managed by Van
Eck Associates Corporation, none of which owns more than 5% of our
outstanding shares of Common
Stock.
|
|
·
|
Review
executive officer compensation for compliance with Section 16 of the
Securities Exchange Act and Section 162(m) of the Internal Revenue Code,
as each may be amended from time to time, and any other applicable laws,
rules and regulations.
|
|
·
|
In
consultation with the CEO, the COO and the CFO, review the talent
development process within the Company to ensure it is effectively
managed.
|
|
·
|
Annually
review employee compensation strategies, benefits and equity
programs.
|
|
·
|
Annually
review the share usage, dilution and proxy
disclosures.
|
|
·
|
Review
and approve employment agreements, severance arrangements and change in
control agreements and provisions when, and if, appropriate, as well as
any special supplemental benefits.
|
|
·
|
Annually
review the Company’s progress in meeting diversity goals with respect to
the employee population
|
Fees
Earned or
Paid in
Cash ($)(2)
|
Stock
Awards
($)
|
Option
Awards
($) (1)
|
All Other
Compensation
($)
|
Total
|
||||||||||||||||
Ian
A. Shaw
|
76,000 | - | 21,000 | - | 97,000 | |||||||||||||||
John
Postle
|
54,000 | - | 14,000 | - | 68,000 | |||||||||||||||
Mark
T. Nesbitt
|
66,000 | - | 14,000 | - | 80,000 | |||||||||||||||
Roger
Newell
|
51,000 | - | 14,000 | - | 65,000 | |||||||||||||||
Robert
Roningen(3)
|
12,000 | - | 14,000 | 8,000 | 34,000 |
(1)
|
Amounts shown
reflect amounts of option awards recognized for financial statement
reporting purposes in accordance with Statement of Financial Accounting
Standard No. 123R, using the Black-Scholes option-pricing model and
include amounts from stock option awards granted in fiscal 2009. Refer to
Note 15 to the Company’s Consolidated Financial Statements for a
discussion of assumptions made in the valuation of option
awards. During fiscal 2009, option awards were comprised of: 1)
75,000 stock options issued to Ian Shaw at an exercise price of
$0.49, 2) 50,000 stock options each issued to John Postle, Mark
T. Nesbitt, Roger Newell and Robert Roningen at an exercise price of
$0.49.
|
(2)
|
Amounts
shown for Ian Shaw, John Postle, Mark Nesbitt and Roger Newell also
includes committee fees earned with respect to merger and acquisition
activity during the fiscal year ended July 31, 2009. Ian Shaw acted as
committee chair. Fees earned were $52,000, $30,000, $42,000 and
$39,000 for Mr. Shaw, Mr. Postle, Mr. Nesbitt and Mr. Newell,
respectively.
|
(3)
|
Amount
shown for Robert Roningen represents fees for legal and consulting
services provided.
|
Description of Fees
|
2009
|
2008
|
2007
|
|||||||||
Audit
Fees
|
$ | 213,000 | $ | 115,000 | $ | 130,000 | ||||||
Audit-Related
Fees
|
24,000 | - | - | |||||||||
Tax
Fees
|
10,000 | 10,000 | 10,000 | |||||||||
All
Other Fees
|
- | - | - | |||||||||
Total
Fees
|
$ | 247,000 | $ | 125,000 | $ | 140,000 |
Name
|
Age
|
Position
|
Gifford
A. Dieterle
|
76
|
Chief
Executive Officer, Treasurer &
Chairman
of the Board
|
John
Brownlie
|
60
|
President
& Chief Operating Officer
|
Christopher
M. Chipman
|
36
|
Chief
Financial Officer
|
J.
Scott Hazlitt
|
56
|
Vice
President - Mine Development
|
Name
|
Percentage Increase
|
Base Pay
|
||||||
Gifford
A. Dieterle
|
- | $ | 287,500 | |||||
John
Brownlie
|
- | $ | 258,750 | |||||
Jeffrey
Pritchard
|
- | $ | 224,250 | |||||
Christopher
M. Chipman
|
- | $ | 201,250 | |||||
J.
Scott Hazlitt
|
- | $ | 155,250 |
Stock
|
||||
Name
|
Options
|
|||
Executive Officers
|
||||
Gifford
Dieterle
|
500,000 | |||
John
Brownlie
|
500,000 | |||
Jeff
Pritchard
|
500,000 | |||
Christopher
Chipman
|
250,000 | |||
Scott
Hazlitt
|
250,000 |
Cash
|
||||
Name
|
Bonus
|
|||
Executive Officers
|
||||
Gifford
Dieterle
|
$ | 187,500 | ||
John
Brownlie
|
$ | 187,500 | ||
Jeff
Pritchard
|
$ | 168,750 | ||
Christopher
Chipman
|
$ | 168,750 | ||
Scott
Hazlitt
|
$ | 75,000 |
Name
&
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
Awards
(1)
|
Option
Awards
(2)
|
Non-Equity
Incentive
Plan
Compen-
sation
|
Non-
qualified
Deferred
Compen-
sation
Earnings
|
All
Other
Compen-
sation
($)
|
Total
($)
|
|||||||||||||||||||||||||
Gifford
A. Dieterle,
|
2009
|
$ | 288 | $ | 188 | $ | 53 | $ | 127 | $ | - | $ | - | $ | - | $ | 656 | |||||||||||||||||
Director,
Chairman,
|
2008
|
$ | 244 | $ | 325 | $ | 102 | $ | 60 | $ | - | $ | - | $ | - | $ | 731 | |||||||||||||||||
Treasurer and
CEO
|
2007
|
$ | 180 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 180 | |||||||||||||||||
John
Brownlie,
|
2009
|
$ | 259 | $ | 188 | $ | 53 | $ | 127 | $ | - | $ | - | $ | - | $ | 627 | |||||||||||||||||
Director,
President
|
2008
|
$ | 275 | $ | 318 | $ | 102 | $ | 112 | $ | - | $ | - | $ | - | $ | 807 | |||||||||||||||||
and COO |
2007
|
$ | 150 | $ | - | $ | 225 | $ | 34 | $ | - | $ | - | $ | - | $ | 409 | |||||||||||||||||
Jeffrey
Pritchard,
|
2009
|
$ | 224 | $ | 169 | $ | 53 | $ | 58 | $ | - | $ | - | $ | - | $ | 504 | |||||||||||||||||
Executive
Vice
|
2008
|
$ | 189 | $ | 284 | $ | 102 | $ | 60 | $ | - | $ | - | $ | - | $ | 635 | |||||||||||||||||
President (3) |
2007
|
$ | 120 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 120 | |||||||||||||||||
Christopher M. |
2009
|
$ | 201 | $ | 169 | $ | 53 | $ | 84 | $ | - | $ | - | $ | - | $ | 507 | |||||||||||||||||
Chipman,
CFO
|
2008
|
$ | 189 | $ | 278 | $ | 102 | $ | 60 | $ | - | $ | - | $ | - | $ | 629 | |||||||||||||||||
2007
|
$ | 118 | $ | - | $ | - | $ | 79 | $ | - | $ | - | $ | - | $ | 197 | ||||||||||||||||||
J.
Scott Hazlitt,
|
2009
|
$ | 155 | $ | 75 | $ | 16 | $ | 72 | $ | - | $ | - | $ | - | $ | 318 | |||||||||||||||||
Vice
President –
|
2008
|
$ | 134 | $ | 141 | $ | 45 | $ | 42 | $ | - | $ | - | $ | - | $ | 362 | |||||||||||||||||
Mine Development |
2007
|
$ | 105 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 105 |
(1)
|
Amounts shown
represent the amount of restricted stock award recognized for financial
statement reporting purposes in accordance with Statement of Financial
Accounting Standard No. 123R and include amounts from restricted
stock awards granted in fiscal 2008. Refer to Note 15 to the Company’s
Consolidated Financial Statements for a discussion of assumptions made in
the valuation of restricted stock awards. During 2009, Stock
Awards comprised of the vested portion of restricted stock awards issued
during fiscal 2008. During fiscal 2008, restricted stock awards were
comprised of: 1) 250,000 shares of restricted stock issued each to Gifford
A. Dieterle, John Brownlie, Jeffrey Pritchard and Christopher M. Chipman
as well as 75,000 shares of restricted stock issued to J. Scott Hazlitt at
the fair value of the Company’s stock on the date of grant of $0.63, 2)
100,000 shares of restricted stock issued each to Gifford A. Dieterle,
John Brownlie, Jeffrey Pritchard and Christopher M. Chipman as well as
50,000 shares of restricted stock to J. Scott Hazlitt at the fair value of
the Company’s stock on the date of grant of $0.70. During
fiscal 2007, restricted stock awards were comprised of 500,000 shares of
restricted stock issued to John Brownlie at the fair value of the
Company’s stock on the date of grant of
$0.45.
|
(2)
|
Amounts
shown reflect amounts of option awards recognized for financial statement
reporting purposes in accordance with Statement of Financial Accounting
Standard No. 123R, using the Black-Scholes option-pricing model and
include amounts from stock option awards granted in fiscal 2008 and 2009.
Refer to Note 15 to the Company’s Consolidated Financial Statements in Our
annual report on Form 10-K filed with the SEC on October 14,
2009 for a discussion of assumptions made in the valuation of
option awards. During fiscal 2009, option awards were comprised
of: 1) 500,000 stock options issued each to Gifford A. Dieterle, John
Brownlie and Jeffrey Pritchard at an exercise price of $0.49;
and 2) 250,000 stock options issued to Christopher M. Chipman
and J. Scott Hazlitt at an exercise price of $0.49 that vested during the
period. During fiscal 2008, option awards were comprised of: 1)
500,000 stock options issued each to Gifford A. Dieterle, John Brownlie,
Christopher M. Chipman and Jeffrey Pritchard at an exercise price of
$0.63; 350,000 options issued to J. Scott Hazlitt at an exercise price of
$0.63, 2) 150,000 stock options issued to John Brownlie at an
exercise price of $0.34 that vested during the period. During
fiscal 2007, option awards were comprised of: 1) 250,000 and
100,000 stock options issued to John Brownlie and Christopher M. Chipman,
respectively, at an exercise price of $0.36, 2) 500,000 stock options
issued to Christopher M. Chipman at an exercise price of
$0.38.
|
(3)
|
On
September 17, 2009, the Company terminated Jeffrey W. Pritchard as
Executive Vice President and Secretary of the Company without cause
pursuant to a restructuring of its corporate investor relations
functions. The termination was effective September 15,
2009. Mr. Pritchard also resigned as a Director of the Company
effective September 29, 2009.
|
Name
|
Grant
Date
|
All Other Stock
Awards(1)
(#)
|
All Other Option
Awards: Number
Of Securities
Underlying Options(1)
(# )
|
Exercise or
base price
of award(2)
($/Sh)
|
Grant Date
Fair Value of
Stock and
Option Awards (3)
($)
|
|||||||||||||
Gifford
A.
|
12/20/07
|
- | 500,000 | 0.63 | 168,000 | |||||||||||||
Dieterle
|
12/20/07
|
250,000 | - | 0.63 | 158,000 | |||||||||||||
7/17/08
|
100,000 | - | 0.70 | 70,000 | ||||||||||||||
1/20/09
|
- | 500,000 | 0.49 | 142,000 | ||||||||||||||
John
|
12/20/07
|
- | 500,000 | 0.63 | 168,000 | |||||||||||||
Brownlie
|
12/20/07
|
250,000 | - | 0.63 | 158,000 | |||||||||||||
7/17/08
|
100,000 | - | 0.70 | 70,000 | ||||||||||||||
1/20/09
|
- | 500,000 | 0.49 | 142,000 | ||||||||||||||
Jeffrey
|
12/20/07
|
- | 500,000 | 0.63 | 168,000 | |||||||||||||
Pritchard
|
12/20/07
|
250,000 | - | 0.63 | 158,000 | |||||||||||||
7/17/08
|
100,000 | - | 0.70 | 70,000 | ||||||||||||||
1/20/09
|
- | 500,000 | 0.49 | 142,000 | ||||||||||||||
|
||||||||||||||||||
Christopher
|
12/20/07
|
- | 500,000 | 0.63 | 168,000 | |||||||||||||
Chipman
|
12/20/07
|
250,000 | - | 0.63 | 158,000 | |||||||||||||
7/17/08
|
100,000 | - | 0.70 | 70,000 | ||||||||||||||
1/20/09
|
- | 250,000 | 0.49 | 71,000 | ||||||||||||||
J.
Scott
|
12/20/07
|
- | 350,000 | 0.63 | 118,000 | |||||||||||||
Hazlitt
|
12/20/07
|
75,000 | - | 0.63 | 47,000 | |||||||||||||
7/17/08
|
50,000 | - | 0.70 | 35,000 | ||||||||||||||
1/20/09
|
- | 250,000 | 0.49 | 71,000 |
(1)
|
Refer
to the Compensation Discussion and Analysis beginning on page 23 for
a description of the terms of and criteria for making these
awards.
|
(2)
|
Exercise
price or base price of the awards (per the Company’s 2006 Equity Incentive
Plan) are based upon the closing price on the Toronto Stock Exchange on
the trading day immediately prior to the day of determination converted to
U.S. Dollars.
|
(3)
|
Reflects
the dollar amount the Company would expense in its financial statements
over the award vesting schedule recognized for financial reporting
purposes in accordance with SFAS 123R. Assumptions used in the
calculation of these amounts are included in Note 2 to the
Company’s Annual Report on Form 10-K, filed with the Securities Exchange
Commission on October 14, 2009.
|
Option
Awards
|
Stock
Awards
|
|||||||||||||||||||||||||||
Market
|
||||||||||||||||||||||||||||
Number
of
|
Number
of
|
Value
of
|
||||||||||||||||||||||||||
Securities
|
Number
of
|
Shares
or
|
Shares
or
|
|||||||||||||||||||||||||
Underlying
|
Securities
|
Units
of
|
Units
of
|
|||||||||||||||||||||||||
Unexercised
|
Underlying
|
Option
|
Stock
That
|
Stock
That
|
||||||||||||||||||||||||
Options(1)
|
Unexercised
|
Exercise
|
Option
|
Option
|
Have
|
Have
|
||||||||||||||||||||||
(#)
|
Options(2) (#)
|
Price
|
Grant
|
Expiration
|
Not
Vested(3)
|
Not
Vested
|
||||||||||||||||||||||
Name
|
Exercisable
|
Unexercisable
|
($)
|
Date
|
Date
|
(#)
|
($)(4)
|
|||||||||||||||||||||
Gifford
A. Dieterle
|
250,000
|
250,000
|
$
|
0.63
|
12/20/2007
|
12/20/2014
|
||||||||||||||||||||||
250,000
|
250,000
|
$
|
0.49
|
01/20/2009
|
01/20/2014
|
|||||||||||||||||||||||
115,525
|
$ |
70,000
|
||||||||||||||||||||||||||
John
Brownlie
|
250,000
|
250,000
|
$
|
0.63
|
12/20/2007
|
12/20/2014
|
||||||||||||||||||||||
250,000
|
250,000
|
$
|
0.49
|
01/20/2009
|
01/20/2014
|
|||||||||||||||||||||||
115,525
|
$ |
70,000
|
||||||||||||||||||||||||||
Jeffrey
Pritchard
|
250,000
|
250,000
|
$
|
0.63
|
12/20/2007
|
12/20/2014
|
||||||||||||||||||||||
250,000
|
250,000
|
$
|
0.49
|
01/20/2009
|
01/20/2014
|
|||||||||||||||||||||||
115,525
|
$ |
70,000
|
||||||||||||||||||||||||||
Christopher
M. Chipman
|
250,000
|
250,000
|
$
|
0.63
|
12/20/2007
|
12/20/2014
|
||||||||||||||||||||||
125,000
|
125,000
|
$
|
0.49
|
01/20/2009
|
01/20/2014
|
|||||||||||||||||||||||
115,525
|
$ |
70,000
|
||||||||||||||||||||||||||
J.
Scott Hazlitt
|
175,000
|
175,000
|
$
|
0.63
|
12/20/2007
|
12/20/2014
|
||||||||||||||||||||||
125,000
|
125,000
|
$
|
0.49
|
01/20/2009
|
01/20/2014
|
|||||||||||||||||||||||
34,658
|
$ |
21,000
|
(1)
|
Stock
options are generally granted one time per
year.
|
(2)
|
Stock
options issued on 12/20/07 vest at the rate of 20% upon grant date and 20%
per year thereafter. Stock options issued on 1/20/09 vest at the rate of
one-third upon issuance and the balance vest on a one-third basis annually
thereafter.
|
(3)
|
Restricted
stock vests equally over a three year
period.
|
(4)
|
Assumes
stock price of $0.61 the closing price on July 31,
2009.
|
Option Awards
|
Stock Awards
|
|||||||||||||||
Name
(a)
|
Number of Shares
Acquired on Exercise (#)
(b)
|
Value Realized on
Exercise ($)
(c)
|
Number of Shares
Acquired on Vesting (#)
(d)
|
Value of Realized on
Vesting ($)
(e)
|
||||||||||||
Gifford
A. Dieterle, Director,
Chairman, Treasurer and CEO
|
- | $ | - | 83,333 | $ | 51,000 | ||||||||||
John
Brownlie, Director, President and COO
|
100,000 | $ | 1,000 | 83,333 | $ | 51,000 | ||||||||||
Jeffrey
Pritchard, Director and Executive Vice President
|
- | $ | - | 83,333 | $ | 51,000 | ||||||||||
Christopher
M. Chipman, CFO
|
555,729 | $ | 114,000 | 83,333 | $ | 51,000 | ||||||||||
J.
Scott Hazlitt, Vice President – Mine Development
|
- | $ | - | 25,000 | $ | 15,000 |
|
1)
|
The
date any person acquires beneficial ownership of 30% or more, directly or
indirectly, of the combined voting power of the then outstanding
securities |