2007 annual report aveiro investment corp. - First West Properties

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NOTES TO THE FINANCIAL STATEMENTS June 30, 2007 and 2006 11. STOCK OPTIONS (continued) Options outstanding at June 30, 2007 consist of the following: 42 | Aveiro Investment Corp. | 2007 Annual Report Weighted average Exercise Number remaining Number price Outstanding contractual life exercisable $ 1.00 1,345,000 9.96 years 446,668 The fair value per option granted was $0.43. The compensation expense related to stock options granted under the Stock Option Plan for the year ended June 30, 2007 amounted to $249,207. The compensation expense was determined based on the fair value of the stock options at the date of grant using the Black-Scholes option pricing model with the following assumptions: Expected option life 10 years Risk-free interest rate 4.62 % Dividend yield Nil Expected volatility 20 % 12. WARRANTS In conjunction with the company’s private placement of 11,430,000 Common Shares, 239,067 warrants to acquire 239,067 Common Shares were issued to agents of the Company as part of their commission compensation package. These warrants vested immediately and expire December 31, 2007. The following table summarizes the warrants outstanding at June 30, 2007: 2007 2006 Weighted Weighted Number of average Number of average Warrants exercise price Warrants exercise price Outstanding, beginning of year – $ – – $ – Granted 239,067 $ 1.00 – $ – Outstanding, end of year 239,067 $ 1.00 – $ –
NOTES TO THE FINANCIAL STATEMENTS June 30, 2007 and 2006 12. WARRANTS (continued) Warrants outstanding at June 30, 2007 consist of the following: Weighted average Exercise Number remaining Number price Outstanding contractual life exercisable $ 1.00 239,067 .50 years 239,067 The fair value per option granted was $0.07. The share issuance commission expense related to warrants granted for the year ended June 30, 2007 amounted to $17,618. The share issuance commission expense was determined based on the fair value of the warrants at the date of grant using the Black-Scholes option pricing model with the following assumptions: Expected warrant life .58 years Risk-free interest rate 4.62 % Dividend yield Nil Expected volatility 20 % Aveiro Investment Corp. | 2007 Annual Report | 43
Page 1 and 2: AVEIRO INVESTMENT CORP. 2007 ANNUAL
Page 3 and 4: CHAIRMAN’S LETTER DEAR FELLOW SHA
Page 5 and 6: ASSETS SASKATOON TOTAL OF APPROXIMA
Page 7 and 8: ASSETS AIRDRIE 77 ACRES OF UNDEVELO
Page 9 and 10: Harold Kunik, Chief Financial Offic
Page 11 and 12: JULY 2007 Private Placement In July
Page 13 and 14: WHY SASKATCHEWAN? Once solely an ag
Page 15 and 16: OVERVIEW About Aveiro Aveiro is an
Page 17 and 18: OVERALL PERFORMANCE Financial Posit
Page 19 and 20: The Warehouse Mortgage is a fi rst
Page 21 and 22: a company with common management. I
Page 23 and 24: During the 2008 fi scal year, the C
Page 25 and 26: properties. The ability of Aveiro t
Page 27 and 28: OUTSTANDING SHARE DATA Common Share
Page 29 and 30: The rates are determined based on m
Page 31 and 32: AUDITOR’S REPORT To the sharehold
Page 33 and 34: STATEMENTS OF LOSS AND DEFICIT Year
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS J
Page 41: NOTES TO THE FINANCIAL STATEMENTS J
Page 47 and 48: AUDITORS Grant Thornton LLP 1000, 1

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