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Avino Silver & Gold Mines Ltd. – ‘6-K/A’ for 6/30/22 – ‘R20’

On:  Monday, 8/15/22, at 5:46pm ET   ·   For:  6/30/22   ·   Accession #:  1477932-22-6133   ·   File #:  1-35254

Previous ‘6-K’:  ‘6-K’ on 8/12/22 for 8/11/22   ·   Next:  ‘6-K’ on / for 10/11/22   ·   Latest:  ‘6-K’ on / for 5/8/24

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/15/22  Avino Silver & Gold Mines Ltd.    6-K/A       6/30/22  103:6.8M                                   Discount Edgar/FA

Amendment to Current, Quarterly or Annual Report by a Foreign Issuer   —   Form 6-K   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K/A       Amendment to Current, Quarterly or Annual Report    HTML    125K 
                by a Foreign Issuer                                              
 2: EX-99.1     Condensed Consolidated Interim Financial            HTML   1.10M 
                Statements for the Three and Six Months Ended June               
                30, 2022 and 2021                                                
 8: R1          Cover                                               HTML     54K 
 9: R2          Condensed Consolidated Interim Statements of        HTML     99K 
                Financial Position                                               
10: R3          Condensed Consolidated Interim Statements of        HTML     94K 
                Operations and Comprehensive Income (Loss)                       
11: R4          Condensed Consolidated Interim Statements of        HTML     61K 
                Changes in Equity                                                
12: R5          Condensed Consolidated Interim Statements of Cash   HTML     83K 
                Flows                                                            
13: R6          Nature of Operations                                HTML     30K 
14: R7          Basis of Presentation                               HTML     38K 
15: R8          Recent Accounting Pronouncements                    HTML     28K 
16: R9          Acquisition of La Preciosa                          HTML     39K 
17: R10         Taxes Recoverable                                   HTML     31K 
18: R11         Inventory                                           HTML     32K 
19: R12         Longterm Investments                                HTML     42K 
20: R13         Exploration and Evaluation Assets                   HTML     78K 
21: R14         Noncontrolling Interest                             HTML     26K 
22: R15         Plant Equipment and Mining Properties               HTML    106K 
23: R16         Related Party Transactions and Balances             HTML     53K 
24: R17         Notes Payble                                        HTML     36K 
25: R18         Warrant Liability                                   HTML     55K 
26: R19         Reclamation Provision                               HTML     35K 
27: R20         Share Capital and Sharebased Payments               HTML    107K 
28: R21         Revenue and Cost of Sales                           HTML     46K 
29: R22         General and Administrative Expenses                 HTML     47K 
30: R23         Commitments                                         HTML     32K 
31: R24         Supplement Cash Flow Information                    HTML     40K 
32: R25         Financial Instruments                               HTML     85K 
33: R26         Segmented Information                               HTML     60K 
34: R27         Basis of Presentation (Tables)                      HTML     33K 
35: R28         Acquisition of La Preciosa (Tables)                 HTML     33K 
36: R29         Taxes Receoverable (Tables)                         HTML     30K 
37: R30         Inventory (Tables)                                  HTML     30K 
38: R31         Longterm Investments (Tables)                       HTML     39K 
39: R32         Exploration and Evaluation Assets (Tables)          HTML     60K 
40: R33         Plant Equipment and Mining Properties (Tables)      HTML    105K 
41: R34         Related Party Transactions and Balances (Tables)    HTML     52K 
42: R35         Note Payable (Tables)                               HTML     34K 
43: R36         Warrant Liability (Tables)                          HTML     55K 
44: R37         Reclamation Provision (Tables)                      HTML     34K 
45: R38         Share Capital and Sharebased Payments (Tables)      HTML    102K 
46: R39         Revenue and Cost of Sales (Tables)                  HTML     45K 
47: R40         General and Administrative Expenses (Tables)        HTML     46K 
48: R41         Commitments (Tables)                                HTML     30K 
49: R42         Supplement Cash Flow Information (Tables)           HTML     39K 
50: R43         Financial Instruments (Tables)                      HTML     74K 
51: R44         Segmented Information (Tables)                      HTML     60K 
52: R45         Basis of Presentation (Details)                     HTML     57K 
53: R46         Acquisition of La Preciosa (Details)                HTML     45K 
54: R47         Acquisition of La Preciosa (Details Narrative)      HTML     50K 
55: R48         Taxes Recoverable (Details)                         HTML     30K 
56: R49         Inventory (Details)                                 HTML     33K 
57: R50         Inventory (Details Narrative)                       HTML     25K 
58: R51         Long Term Investments (Details)                     HTML     45K 
59: R52         Longterm Investments (Details Narrative)            HTML     31K 
60: R53         Exploration and Evaluation Assets (Details)         HTML     48K 
61: R54         Exploration and Evaluation Assets (Details          HTML    123K 
                Narrative)                                                       
62: R55         Noncontrolling Interest (Details Narrative)         HTML     29K 
63: R56         Plant Equipment and Mining Properties (Details)     HTML     72K 
64: R57         Related Party Transactions and Balances (Details)   HTML     30K 
65: R58         Related Party Transactions and Balances (Details    HTML     34K 
                1)                                                               
66: R59         Related Party Transactions and Balances (Details    HTML     34K 
                2)                                                               
67: R60         Related Party Transactions and Balances (Details    HTML     29K 
                Narrative)                                                       
68: R61         Note Payable (Details)                              HTML     35K 
69: R62         Note Payable (Details Narrative)                    HTML     30K 
70: R63         Warrant Liability (Details)                         HTML     36K 
71: R64         Warrant Liability (Details 1)                       HTML     39K 
72: R65         Warrant Liability (Details 2)                       HTML     35K 
73: R66         Warrant Liability (Details 3)                       HTML     33K 
74: R67         Warrant Liability (Details Narrative)               HTML     30K 
75: R68         Reclamation Provision (Details)                     HTML     31K 
76: R69         Reclamation Provision (Details Narrative)           HTML     37K 
77: R70         Share Capital and Sharebased Payments (Details)     HTML     46K 
78: R71         Share Capital and Sharebased Payments (Details 1)   HTML     59K 
79: R72         Share Capital and Sharebased Payments (Details 2)   HTML     39K 
80: R73         Share Capital and Sharebased Payments (Detail 3)    HTML     42K 
81: R74         Share Capital and Sharebased Payments (Details 4)   HTML     38K 
82: R75         Share Capital and Sharebased Payments (Details 5)   HTML     36K 
83: R76         Share Capital and Sharebased Payments (Details      HTML     64K 
                Narrative)                                                       
84: R77         Revenue and Cost of Sales (Details)                 HTML     32K 
85: R78         Revenue and Cost of Sales (Details1)                HTML     31K 
86: R79         General and Administrative Expenses (Details)       HTML     42K 
87: R80         Commitments (Details)                               HTML     33K 
88: R81         Commitments (Details Narrative)                     HTML     25K 
89: R82         Supplementary Cash Flow Information (Details)       HTML     40K 
90: R83         Supplementary Cash Flow Information (Details 1)     HTML     29K 
91: R84         Financial Instruments (Details)                     HTML     49K 
92: R85         Financial Instruments (Details 1)                   HTML     52K 
93: R86         Financial Instruments (Details 2)                   HTML     51K 
94: R87         Financial Instruments (Details Narrative)           HTML     40K 
95: R88         Segmented Information (Details)                     HTML     37K 
96: R89         Segmented Information (Details 1)                   HTML     33K 
97: R90         Segmented Information (Details 2)                   HTML     29K 
98: R91         Segmented Information (Details 3)                   HTML     28K 
101: XML         IDEA XML File -- Filing Summary                      XML    197K  
99: XML         XBRL Instance -- avino_6ka_htm                       XML   2.01M 
100: EXCEL       IDEA Workbook of Financial Reports                  XLSX    158K  
 5: EX-101.CAL  XBRL Calculations -- avino-20220630_cal              XML    172K 
 7: EX-101.DEF  XBRL Definitions -- avino-20220630_def               XML    587K 
 4: EX-101.LAB  XBRL Labels -- avino-20220630_lab                    XML   1.02M 
 6: EX-101.PRE  XBRL Presentations -- avino-20220630_pre             XML    905K 
 3: EX-101.SCH  XBRL Schema -- avino-20220630                        XSD    328K 
102: JSON        XBRL Instance as JSON Data -- MetaLinks              330±   437K  
103: ZIP         XBRL Zipped Folder -- 0001477932-22-006133-xbrl      Zip    213K  


‘R20’   —   Share Capital and Sharebased Payments


This is an IDEA Financial Report.  [ Alternative Formats ]



 
 <>  v3.22.2.2
SHARE CAPITAL AND SHAREBASED PAYMENTS
6 Months Ended
Share Capital And Share-based Payments

15.  SHARE CAPITAL AND SHARE-BASED PAYMENTS

 

  (a) Authorized: Unlimited common shares without par value, 14,180 treasury shares issued at cost of $97  

      

  (b) Issued: 

 

 

(i)

During the six months ended June 30, 2022, the Company issued 14,000,000 common shares as part of the acquisition of La Preciosa from Coeur Mining Inc.. As a result, $13,650 was recorded to share capital, and exploration and evaluation assets as acquisition costs, representing the closing price on the Toronto Stock Exchange on March 21, 2022, the date of the issuance and closing.

 

 

 

 

 

The Company further issued 1,075,000 common shares as payment for services provided during the acquisition, and as a result recorded $980 was recorded to share capital and exploration and evaluation assets as acquisition costs.

 

 

 

 

 

During the six months ended June 30, 2022, the Company issued 48,000 common shares following the exercise of 48,000 options. As a result, $46 was recorded to share capital, representing cash proceeds of $31 and the fair value upon issuance of $15.

 

 

 

 

(ii)

During the year ended December 31, 2021, the Company issued 10,050,000 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $19,020. The Company paid a 2.75% cash commission of $523 on gross proceeds, for net proceeds of $18,497, and incurred additional $400 in issuance costs during the period.

 

 

 

 

 

During the year ended December 31, 2021, the Company issued 1,030,362 common shares following the exercise of 1,030,362 warrants. As a result, $1,911 was recorded to share capital, representing cash proceeds of $824, fair value of the warrants on the date of exercise (see Note 14 for valuation methodology of $US denominated warrants) of $1,106, and movements in foreign exchange of $(19).

 

 

 

 

 

During the year ended December 31, 2021, the Company issued 264,000 common shares following the exercise of 264,000 options. As a result, $364 was recorded to share capital, representing cash proceeds of $237 and the fair value upon issuance of $127.

 

 

 

 

 

During the year ended December 31, 2021, the Company issued 1,330,167 common shares upon exercise of RSUs. As a result, $1,278 was recorded to share capital.

(c) Stock options: 

      

The Company has a stock option plan to purchase the Company’s common shares, under which it may grant stock options of up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company’s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date. 

      

Continuity of stock options is as follows: 

 

 

 

Underlying

Shares

 

 

Weighted Average Exercise Price (C$)

 

 

 

 

 

 

 

 

Stock options outstanding, January 1, 2021

 

 

3,483,000

 

 

$1.77

 

Exercised

 

 

(264,000)

 

$1.16

 

Expired

 

 

(360,000)

 

$2.95

 

Cancelled / Forfeited

 

 

(20,000)

 

$1.64

 

Stock options outstanding, December 31, 2021

 

 

2,839,000

 

 

$1.68

 

Granted

 

 

2,390,000

 

 

$1.20

 

Exercised

 

 

(48,000)

 

$0.79

 

Stock options outstanding, June 30, 2022

 

 

5,181,000

 

 

$1.47

 

Stock options exercisable, June 30, 2022

 

 

3,382,250

 

 

$1.61

 

 

The following table summarizes information about the stock options outstanding and exercisable at June 30, 2022:

 

 

 

 

 

Outstanding

 

 

Exercisable

 

Expiry Date

 

Price (C$)

 

 

Number of Options

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Number of Options

 

 

Weighted Average Remaining Contractual Life (Years)

 

September 20, 2022

 

$1.98

 

 

 

880,000

 

 

 

0.22

 

 

 

880,000

 

 

 

0.22

 

August 28, 2023

 

$1.30

 

 

 

105,000

 

 

 

1.16

 

 

 

105,000

 

 

 

1.16

 

August 21, 2024

 

$0.79

 

 

 

126,000

 

 

 

2.15

 

 

 

126,000

 

 

 

2.15

 

August 4, 2025

 

$1.64

 

 

 

1,680,000

 

 

 

3.10

 

 

 

1,680,000

 

 

 

3.10

 

March 25, 2027

 

$1.20

 

 

 

2,365,000

 

 

 

4.74

 

 

 

591,250

 

 

 

4.74

 

May 4, 2027

 

$0.92

 

 

 

25,000

 

 

 

4.85

 

 

 

-

 

 

 

4.85

 

 

 

 

 

 

 

 

5,181,000

 

 

 

3.30

 

 

 

3,382,250

 

 

 

2.54

 

Valuation of stock options requires the use of estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the stock options was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:

 

 

 

June 30,

2022

 

 

December 31,

2021

 

Weighted average assumptions:

 

 

 

 

 

 

 Risk-free interest rate

 

 

2.49%

 

-

 Expected dividend yield

 

 

0.00%

 

-

 Expected warrant life (years)

 

 

5.00

 

 

 

-

 

 Expected stock price volatility

 

 

59.98%

 

-

 Expected forfeiture rate

 

 

20%

 

-

Weighted average fair value

 

$0.63

 

 

 

-

 

 

During the six months ended June 30, 2022, the Company charged $504 (six months ended June 30, 2021 - $335) to operations as share-based payments for the fair value of stock options granted.

 

(d) Restricted Share Units:

 

On April 19, 2018, the Company’s Restricted Share Unit (“RSU”) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period.

 

Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares.

 

Continuity of RSUs is as follows:

 

 

 

Underlying

Shares

 

 

Weighted Average Price (C$)

 

 

 

 

 

 

 

 

RSUs outstanding, January 1, 2021

 

 

2,874,000

 

 

$1.28

 

Exercised

 

 

(1,330,167)

 

$1.22

 

Cancelled / Forfeited

 

 

(104,356)

 

$1.54

 

RSUs outstanding, December 31, 2021

 

 

1,439,477

 

 

$1.32

 

Granted

 

 

1,799,000

 

 

$1.19

 

Cancelled / Forfeited

 

 

(35,000)

 

$1.37

 

RSUs outstanding, June 30, 2022

 

 

3,203,477

 

 

$1.25

 

 

The following table summarizes information about the RSUs outstanding at June 30, 2022:

 

Issuance Date

 

Price (C$)

 

 

Number of RSUs Outstanding

 

August 21, 2019

 

$0.79

 

 

 

539,733

 

August 4, 2020

 

$1.64

 

 

 

885,744

 

March 23, 2022

 

$1.19

 

 

 

1,778,000

 

 

 

 

 

 

 

 

3,203,477

 

 

During the six months ended June 30, 2022, 1,799,000 RSUs (year ended December 31, 2021 – Nil) were granted. The weighted average fair value at the measurement date was C$1.19, based on the TSX market price of the Company’s shares on the date the RSUs were granted.

 

During the six months ended June 30, 2022, the Company charged $558 (June 30, 2021 - $779) to operations as share-based payments for the fair value of the RSUs vested. The fair value of the RSUs is recognized over the vesting period with reference to vesting conditions and the estimated RSUs expected to vest.

(e) Earnings (loss) per share:

 

The calculations for basic earnings (loss) per share and diluted earnings (loss) per share are as follows:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss) for the period

 

$2,283

 

 

$(2,654)

 

$2,929

 

 

$(4,472)

Basic weighted average number of shares outstanding

 

 

117,129,947

 

 

 

100,512,906

 

 

 

110,548,661

 

 

 

98,382,464

 

Effect of dilutive share options, warrants, and RSUs (‘000)

 

 

3,256,653

 

 

 

-

 

 

 

3,265,461

 

 

 

-

 

Diluted weighted average number of shares outstanding

 

 

120,386,601

 

 

 

100,512,906

 

 

 

113,814,123

 

 

 

98,382,464

 

Basic loss per share

 

$0.02

 

 

$(0.03)

 

$0.03

 

 

$(0.05)

Diluted loss per share

 

$0.02

 

 

$(0.03)

 

$0.03

 

 

$(0.05)

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘6-K/A’ Filing    Date    Other Filings
5/4/27
3/25/27
8/4/25
8/21/24
8/28/23
9/20/22
Filed on:8/15/22
For Period end:6/30/226-K
3/23/22
3/21/226-K
12/31/2120-F,  6-K
6/30/216-K/A
1/1/21
8/4/206-K
8/21/196-K
4/19/18
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Filing Submission 0001477932-22-006133   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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