Axiom 2014 Annual Report - page 68

Notes to the Financial Statements
for the year ended 30 September 2014
66
Axiom Mining Limited
16. Capital and reserves (continued)
On 26 September 2014 3,565,000 ordinary shares of $0.02 each were issued and allotted for cash on exercise of options.
On 30 September 2014 30,643,203 ordinary shares of $0.02 were issued and allotted for cash on exercise of options.
b. Reserves
2014
$000
2013
$000
Exchange reserve
(1,215)
(1,125)
Share-based payment reserve
1,120
417
(95)
(708)
Nature and purpose of reserves
i. Exchange reserve
The exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements
of foreign operations. The reserve is dealt with in accordance with the accounting policy set out in Note 2(s).
ii. Share-based payments reserve
The share-based payments reserve is used to recognise:
––
The grant date fair value of performance rights issued to employees and directors.
––
The grant date fair value of shares issued to employees.
––
The grant date fair value of options issued to consultants.
c. Distributability of reserves
At 30 September 2014, the aggregate amount of reserves available for distribution to shareholders of the Company was nil
(2013: nil).
GROUP FINANCIAL REPORT
1...,58,59,60,61,62,63,64,65,66,67 69,70,71,72,73,74,75,76,77,78,...116
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