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Note 13 - Capital Stock | 12 Months Ended
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Jul. 31, 2021
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13: CAPITAL STOCK Equity Financing On September 23, 2020, we completed our September 2020 Offering of 12,500,000 units at a price of $1.20 for gross proceeds of $15,000,000. Each unit was comprised of one share of our Company and one -half of one share purchase warrant, and each whole warrant entitles its holder to acquire one share at an exercise price of $1.80 per share, exercisable immediately upon issuance and expiring 24 months from the date of issuance. In connection with the September 2020 Offering, we also issued compensation share purchase warrants to agents as part of share issuance costs to purchase 583,333 shares of our Company exercisable at an exercise price of $1.80 per share and expiring 24 months from the date of issuance. The shares were valued at the Company's closing price of $0.96 per share on September 23, 2020. The share purchase warrants were valued at $0.23 per warrant using the Black-Scholes option pricing model with the following assumptions.
Expected Risk Free Interest Rate |  |  | 0.14 | %
Expected Annual Volatility |  |  | 76.81 | %
Expected Contractual Life in Years |  |  | 2.00 |
Expected Annual Dividend Yield |  |  | 0.00 | %
Net proceeds from the September 2020 Offering were allocated to the fair values of the shares and share purchase warrants as presented below:
Fair Value of Shares |  | $ | 12,000,000 |
Fair Value of Share Purchase Warrants |  |  | 1,445,756 |
Total Fair Value Before Allocation to Net Proceeds |  | $ | 13,445,756 |
Gross Proceeds |  | $ | 15,000,000 |
Share Issuance Costs - Cash |  |  | (878,344 | )
Net Cash Proceeds Received |  | $ | 14,121,656 |
Relative Fair Value Allocation to: |  |  |  |
Shares |  | $ | 12,603,224 |
Share Purchase Warrants |  |  | 1,518,432 |
|  | $ | 14,121,656 |
During Fiscal 2021, we issued 13,668,906 shares of the Company's common stock at a weighted average price of $2.19 per share under our 2020 ATM Offering for net cash proceeds of $29,320,949. On March 19, 2021, we completed a registered direct offering of 10,000,000 shares of the Company's common stock at a price of $3.05 per share for net proceeds of $29,083,710. On April 8, 2021, we completed a registered direct offering of 3,636,364 shares of the Company's common stock at a price of $3.30 per share for net proceeds of $11,315,966. In connection with the April 2021 Offering, we also issued, on a private placement basis, 181,818 common stock purchase warrants (each, an “Agent Warrant”) to the agent as partial compensation, and each Agent Warrant entitles its holder to acquire one share of common stock at an exercise price of $4.125 per share and expiring five years from the date of issuance. The Agent Warrants were valued at $1.80 per warrant using the Black-Scholes option pricing model with the following assumptions.
Expected Risk Free Interest Rate |  |  | 0.85 | %
Expected Annual Volatility |  |  | 72.17 | %
Expected Contractual Life in Years |  |  | 5.00 |
Expected Annual Dividend Yield |  |  | 0.00 | %
During Fiscal 2021, we issued 2,265,700 shares of the Company's common stock at a weighted average price of $2.78 per share under our 2021 ATM Offering for net cash proceeds of $6,156,690. Subsequent to July 31, 2021, we issued a further 20,743,878 shares of the Company's common stock at a weighted average price of $3.09 per share under our 2021 ATM Offering for net cash proceeds of $62,671,103. Share Purchase Warrants A continuity schedule of outstanding share purchase warrants as at July 31, 2021, and the changes during the periods, is as follows:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |
Balance, July 31, 2019 |  |  | 19,443,910 |  |  | $ | 1.94 |
Issued |  |  | 300,000 |  |  |  | 1.38 |
Expired |  |  | (12,021,929 | ) |  |  | 1.87 |
Balance, July 31, 2020 |  |  | 7,721,981 |  |  |  | 2.03 |
Issued in connection with September 2020 Offering |  |  | 6,833,333 |  |  |  | 1.80 |
Issued in connection with April 2021 Offering |  |  | 181,818 |  |  |  | 4.13 |
Exercised |  |  | (8,240,505 | ) |  |  | 1.99 |
Expired |  |  | (1,109,304 | ) |  |  | 1.87 |
Balance, July 31, 2021 |  |  | 5,387,323 |  |  | $ | 1.90 |
During Fiscal 2021 and Fiscal 2020, we received cash proceeds totaling $3,588,291 and $Nil, respectively, from the exercise of share purchase warrants. A summary of share purchase warrants outstanding and exercisable as at July 31, 2021 is as follows:
Weighted Average Exercise Price |  |  | Number of Warrants Outstanding |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Expiry Date
$ | 2.30 |  |  |  | 271,546 |  |  |  | 1.02 |  |  | August 9, 2022
| 1.64 |  |  |  | 25,000 |  |  |  | 1.80 |  |  | May 21, 2023
| 1.80 |  |  |  | 4,908,959 |  |  |  | 1.15 |  |  | September 23, 2022
| 4.13 |  |  |  | 181,818 |  |  |  | 4.68 |  |  | April 5, 2026
$ | 1.90 |  |  |  | 5,387,323 |  |  |  | 1.26 |  |  |

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