9.
SHARE CAPITAL
 
Authorized
The Company has unlimited authorized common shares of no par value.
Issued   Number   Value
        $ 000
June 1, 2005 On incorporation 1   –
November 15, 2005 On acquisition of exploration and mineral properties (note 1) 35,000,000   –
November 15, 2005 By initial public offering 17,800,000   31,268
December 14, 2005 Over allotment exercised 1,100,000   1,995
December 18, 2006 New issue in lieu of SARs grants exercised 10,909   48
    53,910,910   33,311

On November 4, 2005, TEAL filed a final prospectus with all provincial and territorial securities regulatory authorities in Canada and completed an initial public offering (IPO) on November 15,2005.The Company issued 17.8 million treasury common shares at Cdn$2.25 per share for aggregate proceeds of Cdn$37.5 million, net of expenses.

As part of the IPO, TEAL had granted the underwriting syndicate an option to purchase up to 2.67 million additional common shares. The option was exercisable, in whole or in part, within 30 days from November 15, 2005 to cover over-allotments. On December 14, 2005, it was announced that the underwriters had purchased 1.1 million treasury common shares from TEAL at the IPO price of Cdn$2.25 per share for net proceeds of Cdn$2.3 million. This brought the total net proceeds raised from the IPO to Cdn$39.8 million, or US$33.3 million.

TEAL listed on the JSE Limited as a secondary listing by way of an introduction of all of the TEAL common shares with effect from April 3, 2006. No new shares were issued at this time.

A further 10,909 shares were issued in December 2006 at Cdn$4.95 following the exercise of share appreciation rights by a non executive director.