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EX-31.2 - EXHIBIT 31.2 - Mindesta Inc.exhibit31-2.htm
EX-31.1 - EXHIBIT 31.1 - Mindesta Inc.exhibit31-1.htm
v2.4.0.8
STOCKHOLDERS EQUITY
12 Months Ended
Dec. 31, 2013
STOCKHOLDERS EQUITY [Text Block]

NOTE 4 – STOCKHOLDER’S EQUITY

A. CAPITAL STOCK

The number of common shares issued and outstanding at December 31, 2013 and December 31, 2012 was as follows:

          Par Value  
    Number     $  
Outstanding at December 31, 2013 and December 31, 2012   9,413,581     18,817  

There were no common shares issued in 2013. During 2012, 112,500 common shares were issued as a result of the exercise of options, for total consideration of $33,750.

B. DIVIDENDS

On December 12, 2011, the Board of Directors declared a pro rata dividend-in-kind on the basis of one share of Northern common stock for each share of Company common stock held, payable January 25, 2012 to shareholders of record as at January 5, 2012. The Company recorded $3,274,072 of dividends and dividends payable in the year ending December 31, 2011 related to the declared dividend-in-kind.

C. COMMON STOCK OPTIONS

On September 20, 2010, the Company granted stock options to purchase 450,000 common shares at a price of $0.30 per share until September 20, 2015. All options vested immediately. The fair value of the option grant was estimated using the Black-Scholes option-pricing model with the following assumptions: expected volatility of 220%; risk-free interest rate of 2.24%; and an expected term of 5 years.

On April 19, 2011, the Company granted stock options to purchase 112,500 common shares at a price of $1.40 per share until April 19, 2016. All options vested immediately. The fair value of the option grant was estimated using the Black-Scholes option-pricing model with the following assumptions: expected volatility of 220%; risk-free interest rate of 2.09%; and an expected term of 5 years.

On March 15, 2012, the Company granted stock options to purchase 650,000 common shares at a price of $0.10 per share until March 15, 2017. All options vested immediately. The fair value of the option grant was estimated using the Black-Scholes option-pricing model with the following assumptions: expected volatility of 122%; risk-free interest rate of 1.11%; and an expected term of 5 years.

There was no stock option activity for the year ended December 31, 2013.

There were 650,000 options outstanding and exercisable at December 31, 2013 (2012 – 762,500).

The intrinsic value of outstanding and exercisable options at December 31, 2013 was $Nil (December 31, 2012 - $Nil).

The weighted average remaining contractual term of options outstanding at December 31, 2013 was 3.07 years (2012 – 4.02 years)

No stock options were exercised during 2013 and 112,500 options were forfeited. During 2012, 112,500 stock options were exercised for proceeds of $33,750. These options had an intrinsic value of $60,750.

The Company recognized $nil stock compensation expense for the year ending December 31, 2013 (2012 - $42,268).

D. EARNINGS PER SHARE

The basic and fully diluted weighted average number of common shares outstanding was as follows:

For the year ended:      
December 31, 2013   9,413,581  
December 31, 2012   9,412,659  

For the years ended December 31, 2013 and 2012, the inclusion of common stock equivalents in the calculation of the weighted average number of shares is anti-dilutive.