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Share Capital

9 Months Ended

Mar. 31, 2023

9.	Share Capital

a)Authorized capital

Unlimited number of common voting shares without nominal or par value

During the nine months ended March 31, 2023, the Company issued a total of 5,750,000 common shares for the exercise of stock options. The Company received proceeds of $5,257,000 and reclassified $2,967,430 from reserve to share capital upon exercise.

b)Warrants

Warrant transactions are summarized as follows:


		Weighted
	Number of	average
	warrants	exercise price
Balance at June 30, 2021	9,813,870	1.13
Issued	336,877	11.09
Exercised	(6,684,892)	1.12
Expired	(3,353)	1.30
Balance at June 30, 2022 and March 31, 2023	3,462,502	2.16

The weighted average contractual life of the warrants outstanding is 1.39 years. As at March 31, 2023, 3,125,625 warrants with an exercise price of $1.20 with an expiry on June 10, 2024 and 336,877 warrants with an exercise price of $11.09 with an expiry on November 30, 2023 remain outstanding.

c)Options

The Company has a stock option plan in place under which it is authorized to grant options to officers, directors, employees, consultants and management company employees enabling them to cumulatively acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan, the exercise price of each option shall not be less than the price permitted by any stock exchange. The options can be granted for a maximum term of 10 years.

During the nine months ended March 31, 2023, the Company did not grant any options.

9.	Share Capital-continued

Stock option transactions are summarized as follows:


	Number of	Weighted average
	options	exercise price
Balance at June 30, 2021	13,750,784	$	1.29
Options exercised	(4,410,784)		1.00
Options granted	1,170,000		7.35
Options expired	(340,000)		0.96
Balance at June 30, 2022	10,170,000	$	2.11
Options exercised	(5,750,000)		0.91
Balance at March 31, 2023	4,420,000	$	3.67

The following table summarizes stock options outstanding and exercisable at March 31, 2023:


	Options Outstanding				Options Exercisable
			Weighted	Weighted		Weighted
			Average	Average		Average
Exercise		Number	Remaining	Exercise		Exercise
Price		of	Contractual Life	Price	Number	Price
$		Shares	(years)	$	Exercisable	$
0.75		200,000	0.09	0.75	200,000	0.75
1.40		1,450,000	0.43	1.40	1,450,000	1.40
3.39		1,200,000	2.81	3.39	1,200,000	3.39
3.43		400,000	1.04	3.43	400,000	3.43
6.08		200,000	3.31	6.08	200,000	6.08
6.31		200,000	3.93	6.31	200,000	6.31
7.55		500,000	1.88	7.55	500,000	7.55
8.25		170,000	3.96	8.25	170,000	8.25
9.40		100,000	4.03	9.40	100,000	9.40
		4,420,000	1.78	3.67	4,420,000	3.67