I am of the opinion that CC has done the correct thing by all...

I am of the opinion that CC has done the correct thing by all stakeholders

Using CC as a example. Since March 2015 he has taken a $100k per ann. pay cut. That is about $350K until now.

Now we are very close to a discovery, SVY management has used these unlisted options to repay the above amount. As stated above this equates to about $288k.

I believe he has operated with integrity and done the right thing by all.

If CC was only looking after his own concerns, he would have waited until they made the discovery. And exercised his options then.

To keep the numbers simple assume the market price jumped to $1.19 on discovery

 

(# of options x (vwap - exercise price))/ vwap

(992542 x ( 1.19 - 0.19))/1 = $992 542 (possible value of CC options.)

Through out the last few years, ALL the conversations re CC has been positive with a continual theme of integrity, honesty, held in highest regard by his industry peers.

I think the only thing that has changed is our own view now we getting to a make or break stage of the exploration at TG.