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85<br />
11. Equity (continued)<br />
(i)<br />
Ordinary shares<br />
NORTHERN MINERALS LIMITED<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
Issued capital is recognised at the fair value of the consideration received by the Company. Any<br />
transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction<br />
of the share proceeds received.<br />
Ordinary shares entitle the holder to participate in dividends, and to share in the proceeds of winding<br />
up the Company in proportion to the number of and amounts paid on the shares held.<br />
Ordinary shares have no par value and the Company does not have a limited amount of authorised<br />
capital.<br />
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is<br />
entitled to one vote, and upon a poll each share is entitled to one vote.<br />
Share Purchase Plan shares not taken up on termination are dealt with in accordance with the Share<br />
Plan rules. For further details on the nature of these shares, refer to note 17.<br />
(b)<br />
Share Purchase Plan Shares<br />
Included in ordinary shares are shares issued pursuant to the Share Purchase Plan as follows:<br />
2021<br />
Number<br />
<strong>2020</strong><br />
Number<br />
Balance at beginning of year 4,353,400 5,303,400<br />
Shares reverted to company and reissued during the year - (950,000)<br />
Balance at end of year 4,353,400 4,353,400<br />
(c)<br />
Performance Rights over ordinary shares<br />
2021<br />
Number<br />
<strong>2020</strong><br />
Number<br />
Performance rights with conditions* with Nil exercise price<br />
vesting and exercisable upon a number of conditions<br />
(Unquoted)<br />
Balance at beginning of year 11,000,000 14,000,000<br />
Issued during the year - -<br />
Forfeited/lapsed during the year (7,000,000) (2,000,000)<br />
Exercised during the year (4,000,000) (1,000,000)<br />
Balance at end of year - 11,000,000<br />
Performance rights with conditions** with Nil exercise price<br />
vesting and exercisable upon a number of conditions<br />
(Unquoted)<br />
Balance at beginning of year 300,000 300,000<br />
Issued during the year - -<br />
Forfeited/lapsed during the year - -<br />
Exercised during the year (300,000) -<br />
Balance at end of year - 300,000<br />
53<br />
NORTHERN MINERALS _ ANNUAL REPORT 2021
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