Share Capital As Follows (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliation of the stock option activity

The following table sets forth a reconciliation of the stock option activity for the period ended December 31, 2013, and December 31, 2012:

	Number of shares	Weighted Average Exercise Price (CDN$)
Stock options outstanding at December 31, 2010	7,355,000	1.25
Options exercised ⁽ⁱ⁾	(29,999)	1.25
Options forfeited	(105,000)	1.64
Options issued	2,000,000	1.44
Stock options outstanding at December 31, 2011 ⁽ⁱ⁾	9,220,001	1.24
Options exercised
Options forfeited	(60,000)	1.61
Options repurchased	(600,000)	1.00
Options cancelled	(8,560,001)	1.29
Stock options outstanding at December 31, 2012 ⁽ⁱ⁾	-	-
Options exercised
Options forfeited	-	-
Options repurchased	-	-
Options cancelled	-	-
Stock options outstanding at December 31, 2013	-	-

Stock Options, Valuation Assumptions

All options granted had an estimated fair value determined using the Black-Scholes Model using the following weighted average assumptions (no options granted during 2013):

Share-based Compensation Activity Granted Under Option Plan

As of December 31, 2013, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s option plan.

	Number of Unvested Options	Weighted- Average Grant- Date Fair Value per Option (CDN$)
Balance December 31, 2010	4,933,333	1.25
Vested	(2,744,990)	1.22
Granted	2,000,000	0.66
Forfeited	(105,000)	0.95
Balance December 31, 2011	4,083,343	0.99
Vested	(4,023,343)	0.99
Granted	-	-
Forfeited	(60,000)	0.99
Balance December 31, 2012	-
Vested	-	-
Granted	-	-
Forfeited	-	-
Balance December 31, 2013	-

Reconciliation of the warrant activity for the periods ended

The following table sets forth a reconciliation of the warrant activity for the periods ended December 31, 2013, and December 31, 2012:

	Number of Warrants	Equity Component Amount	Weighted Average Exercise Price (CDN$)
Warrants outstanding at December 31, 2010	12,349,341	-	1.58
Warrants exercised	(5,354,800)	-	1.55
Warrants expired	(6,087,951)	-	1.55
Warrants issued⁽ⁱ⁾	1,379,310	844,488	1.65
Warrants outstanding at December 31, 2011	2,285,900	844,488	1.79
Warrants exercised	-	-	-
Warrants expired	-	-	-
Warrants cancelled	(2,188,970)	(844,488)	1.79
Warrants outstanding at December 31, 2012	96,930	-	1.72
Warrants exercised	-	-	-
Warrants expired	-	-	-
Warrants cancelled	-	-	-
Warrants outstanding at December 31, 2013	96,930	-	1.72

NiMin's warrants exercisable

The following table summarizes NiMin’s warrants exercisable at December 31, 2013:

Expiration Date	Number of Warrants	Exercise Price per share(CDN$)
March 10, 2016	96,930	1.72
	96,930	1.72

Weighted Average Number Of Shares Assumed

The weighted average number of shares assumed to be outstanding was as follows:

	Six months ended June 30,			Year ended December31,
		2012		2011
Net income (loss)	$	28,858,180	$	(3,229,648)
Basic and diluted shares outstanding ⁽ⁱ⁾		69,834,396		67,009,441
Income (loss) per basic and diluted share	$	0.41	$	(0.05)

Warrants outstanding, Valuation Assumptions

The fair value of warrants outstanding in previous years was calculated using the Black-Scholes Model using the following weighted average assumptions:

	Weighted Average Expected Life	Weighted Average Risk FreeInterest Rate	Weighted Average Volatility	DividendYield	Fair Value per Warrant
2013	-	-	-	-	-
2012	-	-	-	-	-
2011	3.70	0.55%	87.31%	-	$ 0.52

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

NiMin Energy Corp. 10-K