Share-Based Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2018

The following table presents the assumptions used to establish the fair value assigned to the options issued using the Black-Scholes valuation model:

The changes in the stock options for the years ended December 31, 2018 and 2017 were as follows:


	For the Years Ended December 31,
	2018					2017
	Stock options			Weighted average exercise price		Stock options			Weighted average exercise price
Beginning of year		2,337,732		CA$	1.59		2,116,065		CA$	1.19
Granted		203,000		CA$	5.79		320,000		CA$	4.04
Exercised		(365,733	)	CA$	0.98		(91,667	)	CA$	0.90
Forfeitures		(10,000	)	CA$	1.48		(6,666	)	CA$	1.48

End of year		2,164,999		CA$	2.10		2,337,732		CA$	1.59

The following table summarizes stock options outstanding and granted as at December 31, 2018:


Exercise price	Number outstanding		Remaining contractual life (years)		Number of exercisable options
CA$1.24		425,000		2.4		425,000
CA$1.27		150,000		3.2		150,000
CA$0.85		100,000		4.2		100,000
CA$1.10		202,000		4.7		202,000
CA$1.48		345,000		5.2		345,000
CA$0.94		100,000		6.2		100,000
CA$0.83		20,000		6.8		20,000
CA$0.80		16,666		6.9		16,666
CA$1.43		233,333		7.3		150,002
CA$1.55		50,000		7.5		33,334
CA$2.20		165,000		8.5		54,999
CA$6.00		155,000		9.0		51,669
CA$5.79		203,000		9.6		Nil

		2,164,999

Share options outstanding at the end of the year have the following expiry dates and exercise prices:


	Exercise price in CA$ per share		December 31, 2018		December 31, 2017
Expiry date - January 13, 2020		0.70		—		149,399
Expiry date - May 20, 2021		1.24		425,000		565,000
Expiry date - March 13, 2022		1.27		150,000		150,000
Expiry date - March 13, 2023		0.85		100,000		100,000
Expiry date - September 26, 2023		1.10		202,000		215,000
Expiry date - March 18, 2024		1.48		345,000		360,000
Expiry date - March 19, 2025		0.94		100,000		100,000
Expiry date - October 6, 2025		0.83		20,000		28,333
Expiry date - November 16, 2025		0.80		16,666		50,000
Expiry date - March 29, 2026		1.43		233,333		250,000
Expiry date - June 30, 2026		1.55		50,000		50,000
Expiry date - June 14, 2027		2.20		165,000		165,000
Expiry date - December 22, 2027		6.00		155,000		155,000
Expiry date - June 5, 2028		5.79		203,000		—

				2,164,999		2,337,732

The following table summarizes 979,000 performance-based restricted share units that were issued during the year.


	2018					2017
	Performance- based restricted share units			Weighted average grant date fair value in CA$		Performance- based restricted share units			Weighted average grant date fair value in CA$
Beginning of year		128,000		CA$	2.82		—
Issued		979,000		CA$	5.79		885,000		CA$	2.20
Issued		—					21,000		CA$	6.00
Vested		(50,334	)	CA$	3.06		(768,000	)	CA$	2.20
Expired		—					(10,000	)	CA$	2.20

Outstanding at end of year		1,056,666		CA$	5.56		128,000		CA$	2.82

Earned but unissued at end of year		175,333		CA$	5.08		—