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Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 14. Share capital (continued) Share purchase warrants Details of changes in warrants and the weighted average exercise prices during the periods presented are as follows: Number of shares Weighted average exercise price Outstanding, January 1, 2011 8,806,121 $ 0.99 Granted 7,532,500 1.60 Forfeited - - Exercised (4,621,700) 0.87 Expired (25,500) 0.85 Outstanding, December 31, 2011 and March 31, 2012 11,691,421 $ 1.43 The weighted average share price at the date of exercise of warrants exercised during the previous year ended December 31, 2011 was $1.20. The weighted average grant-date fair value of warrants granted during the previous year was $0.61 per warrant and was determined using the Black-Scholes option pricing model. The following warrants are outstanding at March 31, 2012: Number of warrants Weighted Average Exercise Price per warrant Expiry Date Weighted Average Remaining Life (years) 234,713 $ 0.82 August 2012 0.63 3,924,208 1.15 August 2012 0.61 7,532,500 1.60 March 2013 1.23 11,691,421 1.43 1.01 26
Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 15. Employee remuneration Employee benefit expense Expenses recognized for employee benefits are analyzed below: 2012 2011 Wages and salaries $ 833,237 $ 527,343 Social security costs 54,976 38,394 Share-based payments 252,091 1,442,133 Employee benefits 15,462 9,802 $ 1,155,766 $ 2,017,672 Share-based employee remuneration As at March 31, 2012 and December 31, 2011, the Group maintained an equity settled share-based payment scheme for employee remuneration. All share-based employee remuneration will be settled in equity, the group has no legal or constructive obligation to repurchase or settle the options. The Group issues share purchase options to directors, officers and employees of the Company and persons who provide ongoing services to the Group under an incentive share purchase option plan (the “Plan”). The aggregate number of shares of the Group that may be granted pursuant to the Plan is limited to 10% of the issued and outstanding shares of the Group. The Plan is administered by the Board of Directors, which determines individual eligibility under the Plan, the number of shares optioned to each grantee and the vesting period. The exercise price of share purchase options will be no less than the closing price of the shares on the TSX Venture Exchange on the date on which the option is granted. Options will expire no later than five years from the grant date, except that they will expire within thirty days when the holder is no longer qualified to hold the option (other than for cause, when the option will expire immediately). Individual grants vest over two years with one-half vesting immediately, one-quarter vesting on the first anniversary date of the grant and the remaining one-quarter vesting on the second anniversary date. Individual grants of up to 30,000 shares vest immediately. 27
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