4. Vesting Conditions (Non-Exercise Periods)
4.1 Options may only be exercised after they have vested. The Options will vest (which Options may therefore be exercised at any time thereafter and prior to the Option Expiry Date (Vested Options)) as follows:
4.1.1 As to two-thirds of the Options issued to the Option Holder - Upon the attainment of Milestone 1); and
4.1.2 As to one-third of the Options issued to the Option Holder - Upon the attainment of Milestone 2.
4.2 “Milestone 1” means the receipt of proceeds of sale from the shipment of the first 100,000 tonnes of iron ore mined from the Company’s Paulsens East Iron Ore Project located in the Pilbara, Western Australia.
4.3 “Milestone 2” means the receipt of proceeds of sale from the shipment of the first 1,000,000 tonnes of iron ore mined from the Company’s Paulsens East Iron Ore Project located in the Pilbara, Western Australia.
4. Vesting Conditions (Non-Exercise Periods)4.1 Options may only...
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3.5¢ |
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Mkt cap ! $9.931M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 18000 | 3.4¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 3.5¢ | 630118 | 2 |
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