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AXIOM MINING LIMITED
ANNUAL REPORT 2015
Notes to the
financial statements
for the year ended 30 September 2015
COMPANY FINANCIAL REPORT
26. Directors remuneration (continued)
At the extraordinary general meeting held on 15 October 2015, the shareholders approved the issue of the 150,000
Performance Rights at an exercise price of AU$0.50. The Rights may not be exercised before 31 December 2015 and will
expire on 30 June 2017.
Number of
rights Expiry date
Fair value
per share
at approval
date
Exercise
Price
Number
Vested
Jeremy Gray
150,000 30 June 2017 0.067 cents 0.50 cents
–
Once the Rights become exercisable, the Rights may be exercised at any time prior to either their lapsing or being forfeited
but subject to the following restrictions on their transfer:
a. 20% may be sold immediately
b. 15% restricted from transfer for 3 months
c. 15% restricted from transfer for 6 months and
d. the balance restricted from transfer whilst Mr Gray remains the Director of the Company.
The Rights are subject to such other terms and conditions in relation to participation in share issues and bonus issues,
takeover of the Company and other matters in accordance with the Director and Executive Performance Rights Plan and
the invitation provided in connection with the Rights.
The fair value at grant date is independently determined using a Monte Carlo pricing model that takes into account the
exercise price, the term of the rights, the impact of dilution, the share price at grant date and expected price volatility of the
underlying share, the expected dividend yield and the risk free interest rate for the term of the rights.
27. Fair 7alue and fair value hierarchy of financial instruments
The following tables illustrate the fair value measurement hierarchy of the Company’s financial instruments:
Assets/(liabilities) measured at fair value:
31 October 2015
Fair value measurement using
Total
AU$
Level 1
AU$
Level 2
AU$
Level 3
AU$
Embedded derivative liability (at fair value)
581
–
–
581
28. "pproval of the financial statements
The financial statements were approved and authorised for issue by the Board of Directors on 12 January 2016.