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CAPITAL STOCK
 3 Months Ended
Mar. 31, 2017
Stockholders' Equity Note [Abstract]  
Capital Stock
CAPITAL STOCK
Authorized capital stock
The Company is authorized to issue an unlimited number of Common Shares without par value, unlimited Preferred Shares issuable in series, and unlimited Series A Preferred Shares. The Series A Preferred shares issuable are non-redeemable, non-callable, non-voting and with no right to dividends. The Preferred Shares issuable in series will have the rights, privileges, restrictions and conditions assigned to the particular series upon the Board of Directors approving their issuance.
Issued capital stock
The significant transactions relating to capital stock issued for the three months ended March 31, 2017 are:
a)
In the three months ended March 31, 2017, The Company issued 3,158,825 Common Shares under the Company’s “at-the-market” offering (the “ATM”) for net proceeds of $6.97 million.
Share Purchase Warrants
The Company has share purchase warrants denominated in Canadian dollars and US dollars.
The following table summarizes the Company’s share purchase warrants denominated in Canadian dollars:
Month Issued
Expiry Date
 
Exercise Price
Cdn$
 
Warrants
Outstanding
June 2012(1)
June 22, 2017
 
13.25
 
351,025

June 2013(1)
June 15, 2017
 
9.50
 
456,948

(1)
The expiration date for these warrants was extended by one year on March 24, 2016.
The following table summarizes the Company’s share purchase warrants denominated in US dollars. These warrants are accounted for as derivative liabilities as the functional currency of the entity issuing the warrants is Canadian dollars.
Month Issued
Expiry Date
 
Exercise Price
USD$
 
Warrants
Outstanding
 
Fair value at
March 31, 2017
March 2016 (a)
March 14, 2019
 
3.20

 
2,515,625

 
1,459

September 2016
September 20, 2021
 
2.45

 
4,168,750

 
4,663

 
 
 
 
 
 
 
$
6,122

(a)    The US dollar based warrants issued in March 2016 are classified as Level 2 under the fair value hierarchy (Note 14).
The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $1.46 million of fair value for the 2,515,625 warrants at March 31, 2017.
Risk-free rate
1.27%
Expected life
2.0 years
Expected volatility
98.01%*
Expected dividend yield
0.00%
*
Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants.