Page 60 - Sun Resources 2014 Annual Report

12 Share Based Payments Reserves
2013
In the current year the cumulative reserve was $11,124,830 (2013: $11,124,830).
The movement is detailed as follows:
Consolidated
2014
$
2013
$
Opening balance 11,124,830 3,014,351
Options issued to Directors, Contractors and Staff - 791,697
Options issued for financing and investing activities
Options issued to Brokers for services - 991,009
Options issued to Carina Energy LLC for the Delta Oil Project - -
Options issued to Carina Energy LLC for the Delta Oil Project - 409,534
Class D Performance Options issued to Carina Energy LLC for the Delta Oil Project - -
Class D Performance Options issued to Carina Energy LLC for the Delta Oil Project - 741,656
Class G Performance Options issued to Carina Energy LLC for the Delta Oil Project - 5,176,583
- 7,318,782
Closing Balance 11,124,830 11,124,830
Share-based payments
The share-based payments reserve is used to recognise:
•• the grant date fair value of options issued to employees and others but not exercised.
•• the grant date fair value of shares issued to employees and others.
•• the grant date fair value of performance options issued to third parties to acquire the Delta Oil Project.
13 Foreign Exchange Translation Reserve
In the current year the cumulative reserve was $5,333,145 (2013: $4,508,608)
Opening Balance 4,508,608 (2,173,614)
Foreign currency translation 824,537 6,682,222
Closing balance 5,333,145 4,508,608
Foreign currency translation
Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive
income as described in note 1(e) and accumulated in a separate reserve within equity. The cumulative amount is
reclassified to profit or loss when the net investments is disposed of.
14 Options over Unissued Shares
Options
Date options granted Expiry date Exercise price of
options
Number under
option Vested
3 May 2013 3 May 2016 $0.076 15,000,000 15,000,000
3 May 2013 3 May 2016 $0.067 15,000,000 15,000,000
3 May 2013 3 May 2016 $0.057 15,000,000 15,000,000
12 September 2012 12 September 2015 $0.105 5,000,000 5,000,000
9 August 2012 8 August 2015 $0.094 1,000,000 1,000,000
16 November 2011 16 November 2014 $0.036 23,650,000 23,650,000
Performance Options Class E
12 September 2012 31 August 2016 $0.001 65,000,000 65,000,000
Performance Options Class F
12 September 2012 31 August 2013 $0.001 75,000,000 75,000,000
Refer note 16 for fair value of these options.
For details on the Performance Options please refer to the Directors Report, page 27.
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
58 SUN RESOURCES ANNUAL REPORT 2014