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Warrant Liabilities | 12 Months Ended
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Dec. 31, 2020
Accounts Payable and Accrued Liabilities |
Note - 12 Warrant Liabilities |
12. | Warrant Liabilities
In September 2018, we issued 13,062,878 warrants as part of a public offering with two warrants redeemable for one Common Share of the Company’s stock at a price of $1.00 per full share. The warrants expire in September 2021. Because the warrants expire in September 2021, they are included in the current portion of warrant liability on the balance sheet. In August 2020, we issued 9,000,000 warrants as part of a registered direct offering with two warrants redeemable for one Common Share of the Company’s stock at a price of $0.75 per full share. The warrants expire in August 2022. Because both warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc. is Canadian dollars, a derivative financial liability was created. The liability created, and adjusted quarterly, is calculated using the Black-Scholes technique described below as there is no active market for the warrants. Any gain or loss from the adjustment of the liability is reflected in net income for the period. The present value of the warrant liabilities is presented in the following table.
|  | Sep-2018 |  |  | Aug-2020 |  |  |  |
Warrant Liabilities |  | Warrants |  |  | Warrants |  |  | Total |
December 31, 2017 |  |  | - |  |  |  | - |  |  |  | - |
Warrants issued |  |  | 1,709 |  |  |  | - |  |  |  | 1,709 |
Mark to market revaluation loss (gain) |  |  | (581 | ) |  |  | - |  |  |  | (581 | )
Effects for foreign exchange rate changes |  |  | (78 | ) |  |  | - |  |  |  | (78 | )
December 31, 2018 |  |  | 1,050 |  |  |  | - |  |  |  | 1,050 |
Warrants issued |  |  | - |  |  |  | - |  |  |  | - |
Mark to market revaluation loss (gain) |  |  | (524 | ) |  |  | - |  |  |  | (524 | )
Effects for foreign exchange rate changes |  |  | 49 |  |  |  | - |  |  |  | 49 |
December 31, 2019 |  |  | 575 |  |  |  | - |  |  |  | 575 |
Warrants issued |  |  | - |  |  |  | 860 |  |  |  | 860 |
Mark to market revaluation loss (gain) |  |  | 161 |  |  |  | 519 |  |  |  | 680 |
Effects for foreign exchange rate changes |  |  | (7 | ) |  |  | 36 |  |  |  | 29 |
December 31, 2020 |  |  | 729 |  |  |  | 1,415 |  |  |  | 2,144 |
The fair value of the warrant liabilities on December 31, 2020 was determined using the Black-Scholes model with the following assumptions:
|  | Sep-2018 |  |  | Aug-2020 |
Black-Scholes Assumptions at December 31, 2020 |  | Warrants |  |  | Warrants |
Expected forfeiture rate |  |  | 0.0 | % |  |  | 0.0 | %
Expected life (years) |  |  | 0.7 |  |  |  | 1.6 |
Expected volatility |  |  | 67.7 | % |  |  | 76.7 | %
Risk free rate |  |  | 0.2 | % |  |  | 0.2 | %
Expected dividend rate |  |  | 0.0 | % |  |  | 0.0 | %
Exercise price |  | $ | 1.00 |  |  | $ | 0.75 |
Market price |  | $ | 0.80 |  |  | $ | 0.80 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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