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Derivative Liabilities | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Derivative Liabilities | Note 9 - Derivative Liabilities As a result of the functional currency change of the Company's reporting entity from Canadian dollars to US dollars on January 1, 2023, the Company reclassified $1,286 of reserves related to warrants previously issued and priced in Canadian dollars, as a derivative liability. Upon reclassification, the Company recognized a loss of $589 on the revaluation of derivative liabilities. Note 9 - Derivative Liabilities (continued) As at December 31, 2023, the fair value of derivative liabilities was $754 (2022 - $Nil). During the year ended December 31, 2023, the Company recognized a gain of $551 (2022 - $Nil) on the revaluation of derivative liabilities. The fair values of derivative liabilities were estimated using the Black-Scholes pricing model with weighted average assumptions as follows:
|  | As at December 31,
| 2023 |  | 2022
Risk free interest rate (%) | 3.67 |  | N/A
Expected life (years) | 3.29 |  | N/A
Expected volatility (%) | 42.80 |  | N/A
Dividend yield (%) | - |  | N/A
During the years ended December 31, 2023 and 2022, the change in warrants outstanding was as follows:
| Number |  | Weighted Average Exercise Price (C$)
Balance as at December 31, 2021 | 3,399,280 |  |  | $ | 3.98 |
Issued | 3,812,121 |  |  | 4.45 |
Expired | (149,282) |  |  | 3.50 |
Balance as at December 31, 2022 | 7,062,119 |  |  | 4.47 |
Expired | (3,249,998) |  |  | 4.50 |
Balance as at December 31, 2023 | 3,812,121 |  |  | $ | 4.45 |
The following table summarizes information about the warrants which were outstanding as at December 31, 2023:
Date Issued | Number of Warrants |  | Exercisable |  | Exercise Price (C$) |  | Expiry Date
April 14, 2022 | 3,812,121 |  | 3,812,121 |  | $ | 4.45 |  |  | April 14, 2027
Total | 3,812,121 |  | 3,812,121 |  |  |  |

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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