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Share-based Compensation | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] |
Share-based Compensation |
2 2. | Share-based compensation
The Company has a number of equity-settled share-based compensation plans which include simple and performance warrants, stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”). Further detail on each of these plans is outlined below. Subsequent to the Company’s initial public offering, the Company established the stock option, RSU and DSU plans to replace the granting of simple warrants and performance warrants. The components of share-based compensation expense are as follows:
| Year ended December 31 |  | Year ended December 31 |  | Ten months ended December 31 |
| 2020 |  | 2019 |  | 2018 |
Simple warrants (a) |  | 1,539 |  |  | 23,918 |  |  | 5,029 |
Performance warrants (a) |  | (42 | ) |  | 11,023 |  |  | 1,860 |
Stock options (b) |  | 651 |  |  | 98 |  |  | — |
Restricted share units (c) |  | 4,069 |  |  | 220 |  |  | — |
Deferred share units (c) |  | 2,349 |  |  | 1,119 |  |  | — |
Shares issued for services |  | — |  |  | 2,320 |  |  | 521 |
|  | 8,566 |  |  | 38,698 |  |  | 7,410 |
In determining the amount of share-based compensation, the Company used the Black-Scholes option pricing model to estimate the fair value of units granted during the year ended December 31, 2020, December 31, 2019 and ten months ended December 31, 2018 through application of the following assumptions:
| December 31, 2020 | December 31, 2019 | December 31, 2018
Risk-free interest rate | 0.28% - 0.29% | 1.41% - 1.88% | 1.65% - 2.05%
Expected life of units (years) | 10 | 2 - 10 | 0.5 – 14
Expected annualized volatility | 143% | 97% - 116% | 80% - 106%
Expected dividend yield | Nil | Nil | Nil
Weighted average Black-Scholes value of each unit | $1.13 - $1.17 | $0.67 - $23.55 | $1.76 - $3.81
Volatility was estimated by using the historical volatility of peer companies that the Company considers comparable, which have trading and volatility history. The expected life in years represents the period of time that the units granted are expected to be outstanding. The risk-free rate was based on Government of Canada bond rates of comparable duration.
| a) | Simple and performance warrants
The Company issued simple warrants and performance warrants to employees, directors and others at the discretion of the Board. Simple and performance warrants granted generally vest annually in thirds over a three-year period and simple warrants expire five years after the grant date. The following table summarizes changes in the simple and performance warrants during the year ended December 31, 2020:
|  | Simple warrants outstanding |  |  | Weighted average exercise price |  |  | Performance warrants outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2019 |  |  | 9,815,000 |  |  | $ | 4.01 |  |  |  | 5,798,822 |  |  | $ | 2.66 |
Forfeited |  |  | (6,390,400 | ) |  |  | 3.79 |  |  |  | (4,126,822 | ) |  |  | 2.04 |
Balance at December 31, 2020 |  |  | 3,424,600 |  |  | $ | 4.41 |  |  |  | 1,672,000 |  |  | $ | 4.19 |
The following table summarizes changes in the simple and performance warrants during the year ended December 31, 2019:
|  | Simple warrants outstanding |  |  | Weighted average exercise price |  |  | Performance warrants outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2018 |  |  | 6,129,866 |  |  | $ | 1.80 |  |  |  | 7,094,822 |  |  | $ | 2.04 |
Granted |  |  | 4,795,200 |  |  |  | 6.32 |  |  |  | 723,200 |  |  |  | 12.23 |
Forfeited |  |  | (733,866 | ) |  |  | 2.32 |  |  |  | (366,400 | ) |  |  | 1.21 |
Exercised |  |  | (376,200 | ) |  |  | 0.85 |  |  |  | (1,652,800 | ) |  |  | 0.63 |
Balance at December 31, 2019 |  |  | 9,815,000 |  |  | $ | 4.01 |  |  |  | 5,798,822 |  |  | $ | 2.66 |
The following table summarizes outstanding simple and performance warrants as at December 31, 2020:
|  | Warrants outstanding |  |  | Warrants exercisable |
Range of exercise prices |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |  |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |
Simple warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 1,009,400 |  |  |  | 0.74 |  |  |  | 3.54 |  |  |  | 1,009,400 |  |  |  | 0.74 |  |  |  | 3.54 |
$1.25 - $1.88 |  |  | 400,000 |  |  |  | 1.56 |  |  |  | 3.59 |  |  |  | 400,000 |  |  |  | 1.56 |  |  |  | 3.59 |
$2.97 - $4.53 |  |  | 527,200 |  |  |  | 3.05 |  |  |  | 3.64 |  |  |  | 455,200 |  |  |  | 3.01 |  |  |  | 3.54 |
$6.25 - $9.38 |  |  | 1,318,400 |  |  |  | 6.33 |  |  |  | 5.18 |  |  |  | 275,200 |  |  |  | 6.61 |  |  |  | 5.10 |
$12.50 - $37.50 |  |  | 169,600 |  |  |  | 22.28 |  |  |  | 6.49 |  |  |  | 16,000 |  |  |  | 20.60 |  |  |  | 4.50 |
|  |  | 3,424,600 |  |  | $ | 4.41 |  |  |  | 4.34 |  |  |  | 2,155,800 |  |  | $ | 2.27 |  |  |  | 3.76 |
Performance warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 498,667 |  |  |  | 0.70 |  |  | n/a |  |  |  | 370,667 |  |  |  | 0.72 |  |  | n/a |
$1.25 - $1.88 |  |  | 282,133 |  |  |  | 1.42 |  |  | n/a |  |  |  | 247,467 |  |  |  | 1.40 |  |  | n/a |
$2.97 - $4.53 |  |  | 624,000 |  |  |  | 3.13 |  |  | n/a |  |  |  | 397,333 |  |  |  | 3.10 |  |  | n/a |
$6.25 - $9.38 |  |  | 150,933 |  |  |  | 7.32 |  |  | n/a |  |  |  | 38,400 |  |  |  | 6.25 |  |  | n/a |
$12.50 - $37.50 |  |  | 116,267 |  |  |  | 27.52 |  |  | n/a |  |  |  | — |  |  |  | — |  |  | n/a |
|  |  | 1,672,000 |  |  | $ | 4.19 |  |  | n/a |  |  |  | 1,053,867 |  |  | $ | 1.98 |  |  | n/a |
The following table summarizes outstanding simple and performance warrants as at December 31, 2019:
|  | Warrants outstanding |  |  | Warrants exercisable |
Range of exercise prices |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |  |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |
Simple warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 4,019,000 |  |  |  | 0.68 |  |  |  | 5.62 |  |  |  | 3,635,000 |  |  |  | 0.68 |  |  |  | 5.62 |
$1.25 - $1.88 |  |  | 560,000 |  |  |  | 1.50 |  |  |  | 10.18 |  |  |  | 560,000 |  |  |  | 1.50 |  |  |  | 10.18 |
$2.97 - $4.53 |  |  | 1,232,000 |  |  |  | 3.18 |  |  |  | 5.62 |  |  |  | 848,000 |  |  |  | 3.10 |  |  |  | 5.11 |
$6.25 - $9.38 |  |  | 3,462,400 |  |  |  | 6.37 |  |  |  | 4.50 |  |  |  | 80,000 |  |  |  | 6.25 |  |  |  | 4.44 |
$12.50 - $37.50 |  |  | 541,600 |  |  |  | 18.08 |  |  |  | 7.87 |  |  |  | 9,600 |  |  |  | 21.88 |  |  |  | 9.05 |
|  |  | 9,815,000 |  |  | $ | 4.01 |  |  |  | 5.61 |  |  |  | 5,132,600 |  |  | $ | 1.29 |  |  |  | 6.02 |
Performance warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 3,700,690 |  |  |  | 0.64 |  |  | n/a |  |  |  | 3,546,022 |  |  |  | 0.64 |  |  | n/a |
$1.25 - $1.88 |  |  | 646,933 |  |  |  | 1.52 |  |  | n/a |  |  |  | 381,334 |  |  |  | 1.48 |  |  | n/a |
$2.97 - $4.53 |  |  | 788,000 |  |  |  | 3.09 |  |  | n/a |  |  |  | 490,666 |  |  |  | 3.08 |  |  | n/a |
$6.25 - $9.38 |  |  | 362,933 |  |  |  | 6.97 |  |  | n/a |  |  |  | 38,400 |  |  |  | 6.25 |  |  | n/a |
$12.50 - $37.50 |  |  | 300,266 |  |  |  | 23.72 |  |  | n/a |  |  |  | — |  |  |  | — |  |  | n/a |
|  |  | 5,798,822 |  |  | $ | 2.66 |  |  | n/a |  |  |  | 4,456,422 |  |  | $ | 1.02 |  |  | n/a |
| b) | Stock options
The Company issues stock options to employees and others at the discretion of the Board. Stock options granted generally vest annually in thirds over a three-year period and expire ten years after the grant date. The following table summarizes changes in stock options during the year ended December 31, 2020:
|  | Stock options outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2019 |  |  | 623,850 |  |  | $ | 4.33 |
Granted |  |  | 481,600 |  |  |  | 1.16 |
Forfeited |  |  | (384,850 | ) |  |  | 4.96 |
Balance at December 31, 2020 |  |  | 720,600 |  |  | $ | 1.82 |
The following table summarizes changes in the stock options during the year ended December 31, 2019:
|  | Stock options outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2018 |  |  | — |  |  | $ | — |
Granted |  |  | 623,850 |  |  |  | 4.33 |
Balance at December 31, 2019 |  |  | 623,850 |  |  | $ | 4.33 |
The following table summarizes outstanding stock options as at December 31, 2020:
|  | Stock options outstanding |  |  | Stock options exercisable |
Exercise prices |  | Number of options |  |  | Weighted average contractual life (years) |  |  | Number of options |  |  | Weighted average contractual life (years) |
$1.15 |  |  | 400,000 |  |  |  | 9.41 |  |  |  | — |  |  |  | — |
$1.19 |  |  | 81,600 |  |  |  | 9.49 |  |  |  | 81,600 |  |  |  | 9.49 |
$3.15 |  |  | 239,000 |  |  |  | 8.68 |  |  |  | 77,417 |  |  |  | 8.63 |
|  |  | 720,600 |  |  |  | 9.18 |  |  |  | 159,017 |  |  |  | 9.07 |
The following table summarizes outstanding stock options as at December 31, 2019:
|  | Stock options outstanding |  |  | Stock options exercisable |
Exercise prices |  | Number of options |  |  | Weighted average contractual life (years) |  |  | Number of options |  |  | Weighted average contractual life (years) |
$3.15 |  |  | 373,850 |  |  |  | 9.21 |  |  |  | 22,500 |  |  |  | 4.97 |
$5.93 |  |  | 250,000 |  |  |  | 6.37 |  |  |  | — |  |  |  | — |
|  |  | 623,850 |  |  |  | 7.97 |  |  |  | 22,500 |  |  |  | 4.97 |
| c) | Restricted and deferred share units
RSUs are granted to employees and the vesting requirements and maximum term are at the discretion of the Board. DSUs are granted to directors and generally vest in equal quarterly instalments over a one year. RSUs and DSUs are exchangeable for an equal number of common shares. The following table summarizes changes in RSUs and DSUs as at December 31, 2020:
|  | RSUs outstanding |  |  | DSUs outstanding |
Balance at December 31, 2019 |  |  | 48,883 |  |  |  | 367,924 |
Granted |  |  | 3,002,213 |  |  |  | 3,265,503 |
Forfeited |  |  | (43,813 | ) |  |  | (310,164 | )
Exercised |  |  | (1,350,367 | ) |  |  | — |
Balance at December 31, 2020 |  |  | 1,656,916 |  |  |  | 3,323,263 |
The following table summarizes changes in RSUs and DSUs as at December 31, 2019:
|  | RSUs outstanding |  |  | DSUs outstanding |
Balance at December 31, 2018 |  |  | — |  |  |  | — |
Granted |  |  | 107,543 |  |  |  | 378,080 |
Forfeited |  |  | (700 | ) |  |  | (7,617 | )
Settled |  |  | — |  |  |  | (2,539 | )
Exercised |  |  | (57,960 | ) |  |  | — |
Balance at December 31, 2019 |  |  | 48,883 |  |  |  | 367,924 |
Subsequent to December 31, 2020, the Company granted 11.9 million RSUs to employees as part of its long-term incentive program.

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