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conversion price of $0.20 per Class A share. The Company may force the conversion of the principal at the conversion rate referred to above
provided that the average closing price for the Class A shares traded on the stock exchange where the Company's shares are listed remains at the
minimum amount of $0.70 for the 20 days preceding the date on which the Company is forcing the conversion. The debenture is refundable for its
nominal value plus accrued and unpaid interest on August 27, 2010.
41
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
14. SHARE CAPITAL
AUTHORIZED
ISSUED AND PAID
2009 2008
$ $
20,749,810 Class "A" shares 4,653,310 4,257,370
(2008: 18,743,810)
Notes receivable from an officer and an employee, 6%, - ( 34,300 )
4,653,310 4,223,070
The Company also canceled 115,000 Class "A" shares (2008: nil) for an amount of $26,120 in return for the settlement of notes receivable amounting
to $34,300 and cash amounting to $200 including a cancellation premium of $8,380 attributed to the deficit.
During the year, the Company issued 21,000 Class "A" shares (2008: 74,000 shares) following the exercise of stock options for a consideration of
$2,060 (2008: $18,920), which includes $1,935 in cash and $125 equivalent to the expense for exercising the stock options. In addition, the Company
issued 2,100,000 shares for a total value of $420,000 under a private placement. An amount of $28,550 was attributed to the deficit relative to
commissions paid for the issuing of those shares.
Unlimited number of Class "A" shares, voting, participating, without value
15. STOCK OPTION PLAN
Number Weighted average Number Weighted average
exercise price exercise price
$ $
Options outstanding,
beginning of year 987,000 0.21 858,000 0.20
Options granted 39,500 0.20 498,000 0.21
Options exercised ( 21,000 ) 0.10 ( 74,000 ) 0.20
Expiry of stock options ( - - ( 210,000 ) 0.19
Forfeited options ( 21,000 ) 0.22 ( 85,000 ) 0.22
Options outstanding,
end of year 984,500 0.21 987,000 0.21
Exercisable options,
end of year 984,500 0.21 823,000 0.21
Compensation cost expensed with respect to this plan was $36,778 for the year ended April 30, 2009 (2008: $62,000).
2008
On June 30, 1997, the Company established a stock option plan (the "Plan") for directors, officers, employees and consultants. Under this Plan, the
Company may periodically grant options to purchase a maximum number of class "A" common shares equivalent to 10% of class "A" common
shares issued and outstanding.
2009
The plan situation and changes during the year are summarized below:
Under this Plan, the Board of Directors fixes the term and vesting dates of the options (at the grant date in 2009, 6 months in 2008) and the exercise
price should not be less than the closing price prior to the grant date, less any discount permitted by applicable law. Moreover, the granted options
must be exercised within the five year period following the date of granting.
42
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
15. STOCK OPTION PLAN (Continued)
The following table summarizes information about stock options outstanding at April 30, 2009:
Weighted
average
remaining Weighted
contractual average
Number life Number exercise
Exercise Price outstanding (years) exercisable price
0.10 50,000 0.45 50,000 0.10
0.19 99,000 2.66 99,000 0.19
0.20 39,500 4.50 39,500 0.20
0.21 524,000 3.21 524,000 0.21
0.23 192,000 2.37 192,000 0.23
0.24 50,000 2.25 50,000 0.24
0.25 10,000 2.50 10,000 0.25
0.30 20,000 2.50 20,000 0.30
984,500 984,500
"Black Scholes" model grant options' Options Outstanding Options Exercisable
2009 2008
Risk-free interest 3.10% 4.18%
Expected life 2 years 3 years
Expected volatility 100 % 100 %
Expended dividend yield 0% 0%
16. CONTRIBUTED SURPLUS 2009 2008
$ $
Balance, beginning of year 128,703 70,703
Reclassification of equity component (a) 84,312 -
Stock-based compensation 36,778 62,000
Options granted during the year by employees ( 125) ( 4,000 )
Balance, end of year 249,918 128,703
(a) Relating to a convertible debenture that reached maturity during the year.
17. FINANCIAL EXPENSES
2009 2008
$ $
Other financial liabilities
Interest on bank debt and demand loan 51,091 63,789
Interest on long-term debt 40,873 45,563
Implicit interest 23,523 22,062
Other 14,181 -
129,668 131,414
Interest income - ( 4,181 )
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