Page 66 - Sun Resources Annual Report 2013

17 Capital and Leasing Commitments (continued)
Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:
Consolidated
2013 2012
$ $
Within one year 168,828 61,354
Later than one year, but not later than five years 347,853 -
516,681 61,354
The Directors are not aware of any other expenditure commitments.
18 Share-based Payments
2013
Options issued in 2013
Grant Date Class
Expiry/
Milestone
Expiry Date
Exercise
Price
Granted
during Year
Exercised
during year
Forfeited
during year
Balance at
end of year
Vested at
end of year
Cents Number Number Number Number Number
Options
9 August 2012 Ordinary 8 August 2015 9.4 1,000,000 - - 1,000,000 1,000,000
12 September
2012 Ordinary 31 March 2014 2.5 8,265,000 - - 8,265,000 8,265,000
12 September
2012 Ordinary 31 March 2014 2.5 20,000,000 - - 20,000,000 20,000,000
12 September
2012 Ordinary 12 September
2015 10.5 5,000,000 - - 5,000,000 5,000,000
3 May 2013 Ordinary 3 May 2016 5.7 15,000,000 - - 15,000,000 15,000,000
3 May 2013 Ordinary 3 May 2016 6.7 15,000,000 - - 15,000,000 -
3 May 2013 Ordinary 3 May 2016 7.6 15,000,000 - - 15,000,000 -
Performance Options
12 September
2012 Class D 28 February
2013 0.1 10,744,500 (10,744,500) - - -
12 September
2012 Class E 31 August 2016 0.1 10,744,500 - - 10,744,500 10,744,500
12 September
2012 Class F 31 August 2016 0.1 12,397,500 - - 12,397,500 12,397,500
12 September
2012 Class G 30 June 2013 0.1 75,000,000 (75,000,000) - - -
12 September
2012 Class H 31 March 2013 0.1 75,000,000 - (75,000,000) - -
12 September
2012 Class I 31 March 2013 0.1 40,000,000 - (40,000,000) - -
The Company issued 30,000,000 unlisted options in three 10,000,000 tranches on 3 May 2013 to Dr Govert van Ek
with exercise prices of $0.057, $0.067 and $0.076 per option on or before 3 May 2016 as an incentive. The fair value
calculated as $393,172 for these three year options at the date of issue was independently determined using the Black-
Scholes option pricing model that takes into account the exercise prices ($0.057, $0.067, $0.076), the share price at
grant date ($0.035), expected volatility of the share price (80%) and the risk-free interest rate (2.53%).
The Company issued 15,000,000 unlisted options in three 5,000,000 tranches on 3 May 2013 to Mr Matthew Battrick
with exercise prices of $0.057, $0.067 and $0.076 per option on or before 3 May 2016 as an incentive. The fair value
calculated as $196,586 for these three year options at the date of issue was independently determined using the Black-
Scholes option pricing model that takes into account the exercise prices ($0.057, $0.067, $0.076), the share price at
grant date ($0.035), expected volatility of the share price (80%) and the risk-free interest rate (2.53%).
SUN RESOURCES ANNUAL REPORT 2013 64
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS