Speciality Metals International Limited Annual Report 2020

48 Speciality Metals International Limited Annual Report 2020 Notes to the Consolidated Financial Statements continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 49 Terms and Conditions of Contributed Equity Ordinary Shares Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up, on the shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. Option holders have no voting rights until the options are exercised. Options The following options were outstanding at the end of the reporting period: Performance Rights No performance rights were outstanding at the end of the reporting period. 1 July 2018 to 30 June 2019 Date Number of Shares Issue Price $ Balance b/fwd 554,876,418 3,553,567 Tranche 1 – Placement of 83,231,463 shares at $0.018 per share to institutional and sophisticated investors to fund the 100% acquisition Mt Carbine Quarries Pty Ltd which owns the Mt Carbine Quarry and mining leases ML4867 and ML 4919 (refer ASX announcement dated 14 May 2019). 16-05-2019 83,231,463 $0.018 1,498,166 Tranche 2 – Placement of 160,000,000 shares to institutional and sophisticated investors to fund the 100% acquisition of Mt Carbine Quarries Pty Ltd at $0.018 per share following approval by shareholders at a General Meeting held on 17 June 2019 (refer ASX announcement dated 14 May 2019). 26-06-2019 160,000,000 $0.018 2,880,000 Share issue costs (280,654) Balance as at 30 June 2019 798,107,881 7,651,079 (b) Movements in Options Date Number of Options Vesting conditions Maturity Options 2,000,000 ($0.04 exercise price) 13-05-2020 2,000,000 Completion of 6 months service 05-05-2023 3,000,000 ($0.06 exercise price) 13-05-2020 3,000,000 Completion of 12 months service 05-05-2023 Balance as at 30 June 2020 5,000,000