I presume that these were options exercisable at 25 cents by the end of July 2010. I do not know why UOG sold the options but given that they have moore than 1.5 years to run, it's hardly a vote of confidence in the Company.
Having said that 7,014,238*.03 cents = 210,427 cents which equals $2,104. Surely this can't be right and I will guess that there could be a mistake in the press release and the actual sale was $0.03 or 3 cents for proceeds of $210,238. Given 3 cents is close to buy price of the shares then selling the options at 3 cents is understandable. Selling them at 0.03 cents (as per the press release) is not.
So if the press release is correct, UOG must really have absolutely no confidence in TMX to give away such a large amount of options at fire sale prices - unless they desperately need $2,000.
TMX Price at posting:
4.5¢ Sentiment: None Disclosure: Held
