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Warrant Liability | 6 Months Ended
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Jun. 30, 2021
Warrant Liability |
12. Warrant Liability |
12. | Warrant Liability
| In September 2018, we issued 13,062,878 warrants as part of an underwritten 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. 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. In February 2021, we issued 16,930,530 warrants as part of an underwritten public offering with two warrants redeemable for one Common Share of the Company’s stock at a price of $1.35 per full share. The warrants expire in February 2024. Because the 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 Company’s warrant liabilities consist of the following:
|  | Sep-2018 |  |  | Aug-2020 |  |  | Feb-2021 |  |  |  |
Warrant Liability Activity |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Total |
December 31, 2020 |  |  | 729 |  |  |  | 1,415 |  |  |  | - |  |  |  | 2,144 |
Warrants issued |  |  | - |  |  |  | - |  |  |  | 2,604 |  |  |  | 2,604 |
Warrants exercised |  |  | (419 | ) |  |  | (190 | ) |  |  | - |  |  |  | (609 | )
Mark to market revaluation loss (gain) |  |  | 1,792 |  |  |  | 1,670 |  |  |  | 2,862 |  |  |  | 6,324 |
Effects for foreign exchange rate changes |  |  | 44 |  |  |  | 38 |  |  |  | 87 |  |  |  | 169 |
June 30, 2021 |  |  | 2,146 |  |  |  | 2,933 |  |  |  | 5,553 |  |  |  | 10,632 |
|  | Sep-2018 |  |  | Aug-2020 |  |  | Feb-2021 |  |  |  |
Warrant Liability Duration |  | Warrants |  |  | Warrants |  |  | Warrants |  |  | Total |
Current portion of warrant liability |  |  | 2,146 |  |  |  | - |  |  |  | - |  |  |  | 2,146 |
Warrant liability |  |  | - |  |  |  | 2,933 |  |  |  | 5,553 |  |  |  | 8,486 |
June 30, 2021 |  |  | 2,146 |  |  |  | 2,933 |  |  |  | 5,553 |  |  |  | 10,632 |
| The fair value of the warrant liabilities on June 30, 2021 was determined using the Black-Scholes model with the following assumptions:
|  | Sep-2018 |  |  | Aug-2020 |  |  | Feb-2021 |
Black-Scholes Assumptions at June 30, 2021 |  | Warrants |  |  | Warrants |  |  | Warrants |
Expected forfeiture rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life (years) |  |  | 0.2 |  |  |  | 1.1 |  |  |  | 2.6 |
Expected volatility |  |  | 72.3 | % |  |  | 78.1 | % |  |  | 75.6 | %
Risk free rate |  |  | 0.4 | % |  |  | 0.4 | % |  |  | 0.6 | %
Expected dividend rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Exercise price |  |  | $1.00 |  |  |  | $0.75 |  |  |  | $1.35 |
Market price |  |  | $1.41 |  |  |  | $1.41 |  |  |  | $1.41 |

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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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