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Warrant Liability | 3 Months Ended
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Mar. 31, 2022
Warrant Liability |
12. Warrant Liability | 12. Warrant Liability 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. Any remaining, unexercised warrants will 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. Any remaining, unexercised warrants will 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 monthly, is calculated using the Black-Scholes model 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:
|  | Aug-2020 |  |  | Feb-2021 |  |  |  |
Warrant Liability Activity |  | Warrants |  |  | Warrants |  |  | Total |
December 31, 2021 |  |  | 2,027 |  |  |  | 4,236 |  |  |  | 6,263 |
Warrants exercised |  |  | (114 | ) |  |  | - |  |  |  | (114 | )
Mark to market revaluation loss |  |  | 1,117 |  |  |  | 1,856 |  |  |  | 2,973 |
Effects for foreign exchange rate changes |  |  | 47 |  |  |  | 94 |  |  |  | 141 |
March 31, 2022 |  |  | 3,077 |  |  |  | 6,186 |  |  |  | 9,263 |
|  | Aug-2020 |  |  | Feb-2021 |  |  |  |
Warrant Liability Duration |  | Warrants |  |  | Warrants |  |  | Total |
Current portion of warrant liability |  |  | 3,077 |  |  |  | - |  |  |  | 3,077 |
Warrant liability |  |  | - |  |  |  | 6,186 |  |  |  | 6,186 |
March 31, 2022 |  |  | 3,077 |  |  |  | 6,186 |  |  |  | 9,263 |
The fair value of the warrant liabilities on March 31, 2022, was determined using the Black-Scholes model with the following assumptions:
|  | Aug-2020 |  |  | Feb-2021 |  |
Black-Scholes Assumptions at March 31, 2022 |  | Warrants |  |  | Warrants |  |  |
Expected forfeiture rate |  |  | 0.0 | % |  |  | 0.0 | % |  |
Expected life (years) |  |  | 0.3 |  |  |  | 1.8 |  |  |
Expected volatility |  |  | 76.3 | % |  |  | 76.7 | % |  |
Risk free rate |  |  | 2.3 | % |  |  | 2.3 | % |  |
Expected dividend rate |  |  | 0.0 | % |  |  | 0.0 | % |  |
Exercise price |  | $ | 0.75 |  |  | $ | 1.35 |  |  |
Market price |  | $ | 1.60 |  |  | $ | 1.60 |  |  |

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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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