XML 124 R41.htm IDEA: XBRL DOCUMENT

CAPITAL STOCK (Tables)

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $0.39 million of fair value for the 2,515,625 warrants at December 31, 2017.



Risk-free rate	1.76%
Expected life	1.2 years
Expected volatility	63.7%*
Expected dividend yield	0%

* Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants.

The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $2.09 million of fair value for the 2,515,625 warrants issued in connection with the public offering in March 2016.



Risk-free rate	1.15%
Expected life	3.0 years
Expected volatility	106.0%*
Expected dividend yield	0%

* Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants.

The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $3.17 million of fair value for the 4,168,750 warrants issued in connection with the public offering in September 2016.



Risk-free rate	1.2%
Expected life	5.0 years
Expected volatility	145.2%*
Expected dividend yield	0%

* Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants.



	2017		2016		2015
Risk-free interest rate	1.93%		1.03% - 1.43%		0.87	%
Expected life	5.0 years		5.0 years		5.0 years
Expected volatility	63.0%*		64.7% -74.8%*		75.1%*
Expected dividend yield	0	%	0	%	0	%
Weighted-average expected life of option	5.00		5.00		4.99
Weighted-average grant date fair value	$1.20		$1.22 - $1.23		2.64

* Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options.



Risk-free interest rate	0.0% to 2.35%
Expected life	0.05 years to 10 years
Expected volatility	18.47 to 93.31%*
Expected dividend yield	0	%
Weighted-average expected life of option	4.52
Weighted-average grant date fair value	$1.89

* Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options.

Schedule of Stockholders' Equity Note, Warrants or Rights



Month Issued	Expiry Date	Exercise Price USD$	Warrants Outstanding	Fair value at December 31, 2017
March 2016 (1)	March 14, 2019	3.20	2,515,625	$	385
September 2016 (2)	September 20, 2021	2.45	4,168,750	2,991
				$	3,376

(1) These US dollar based warrants are classified as Level 2 under the fair value hierarchy (Note 13).

(2) These US dollar based warrants are classified as Level 1 under the fair value hierarchy as they are traded on an active market.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details