TMX has 51,624,132 options on issue which may be converted to common shares in the Company by payment of 25 cents per option until 31 July, 2010. If the options are not excerised by this date then they expire.
It could be (peversely) argued that by doing nothing the Directors are acting in the best interests of shareholders by saving them from 50% dilution. Nowithstanding that TMX would bravely forgoe $12.96 million in excersise monies. But when the share price is $2.00 the shareholders will be much better off because of it. (Remember Option holders are not owners of the Company and do not enjoy the same rights as shareholders).
Of course I do not believe the above and, not withstanding the lack of action by the Board of TMX, I am sure it is apathy rather than a desire to pursue the above policy that prevents them from carrying out an active drilling program.
I glad I don't hold options in TMX but many people do. Option holders, in your own bst interests, please lobby the Board of action, otherwise you have a good chance of your options expiring before the shares reach their strike price.
TMX Price at posting:
4.7¢ Sentiment: None Disclosure: Held
