NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 25 – ISSUED CAPITAL  Total ordinary shares issued and outstanding at each period end are fully paid. All shares issued are authorized. Shares have no par value.  a) Ordinary Shares Number of Shares Total shares issued and outstanding at 31 December 2012   278,765,141  Shares issued during the year  184,408,527  Total shares issued and outstanding at 31 December 2013  463,173,668  Shares issued during the year  86,122,171  Total shares issued and outstanding at 31 December 2014  549,295,839  2014  2013  Year ended 31 December  US$’000 US$’000 b) Issued Capital Beginning of the period  237,008  58,694  Shares issued in connection with:  Merger with Texon  -  132,092  Private placement  72,178  47,398  Exercise of stock options  260  813  Total shares issued during the period  72,438  180,303  Cost of capital raising during the period, net of tax benefit  (2,593)  (1,989)  Closing balance at end of period 306,853  237,008  c) Options on Issue  Details of the share options outstanding as at 31 December: Grant Date  Expiry Date  Exercise Price A$  2014  No. of options  2013  No. of options  02 Dec 2010  01 Dec 2015  0.37  -  291,666  Mar 2011  30 Jun 2014  0.95  30,000  03 Jun 2011  15 Jan 2016  0.65  500,000  500,000  06 01 Sep 2015  0.95  30,000  30,000  Sep 2011  31 Dec 2018  1,200,000  1,200,000  05 Dec 2011  05 Mar 2019  0.95  1,000,000  1,000,000  01 Nov 2012  01 Feb 2020  1.15  -  350,000  03 Dec 2012  03 Mar 2020  01 Apr 2013  01 Jul 2020  1.25  -  350,000  24 Sept 2013  23 Dec 2020  1.40  950,000  Total share options outstanding 2,730,000  5,051,666  Ordinary shares participate in dividends and the proceeds on winding up of the Parent Company in proportion to  the number of shares held. At shareholders’ meetings each ordinary share is entitled to one vote when a poll is  called, otherwise each shareholder has one vote on a show of hands.  - 89 - 