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Shareholders' Equity and Share Based Compensation | 9 Months Ended
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Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Shareholders' Equity and Share Based Compensation |
14 | SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION
On September 10, 2020 the Company closed a registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 9,396,226 units at a purchase price of $5.30 per unit for gross proceeds of approximately $49.8 million before placement agent fees and other offering expenses. Each unit that was sold consists of one common share of the Company and a one-half (0.5) of a warrant to purchase a common share of the Company at an exercise price of $5.80. The warrants will be exercisable beginning on March 10, 2021 and will expire on September 10, 2025. ASC 480, Distinguishing Liabilities from Equity, requires that these warrants are classified as equity. The fair value of these warrants was determined using the Black-Scholes Merton valuation model. Stock option activity for the nine months ended September 30, 2020 is as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2019 |  |  | 2,452,666 |  |  | CA$ |  | 5.12 |  |  |  | 5.60 |  |  | $ | 11,435 |
Granted |  |  | 661,488 |  |  | CA$ |  | 6.65 |  |  |  | 9.87 |  |  | $ | — |
Exercised |  |  | (273,165 | ) |  | CA$ |  | 1.27 |  |  |  | 1.76 |  |  | $ | — |
Forfeited |  |  | (36,666 | ) |  | CA$ |  | 7.06 |  |  |  | — |  |  | $ | — |
Outstanding at September 30, 2020 |  |  | 2,804,323 |  |  | CA$ |  | 5.83 |  |  |  | 6.31 |  |  | $ | 6,120 |
Exercisable at September 30, 2020 |  |  | 1,726,839 |  |  | CA$ |  | 3.65 |  |  |  | 4.51 |  |  | $ | 6,100 |
Performance-based shares activity for the nine months ended September 30, 2020 was as follows:
|  | Number of Performance -based Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2019 |  |  | 739,000 |  |  | CA$ |  | 7.92 |
Granted |  |  | 810,000 |  |  | CA$ |  | 6.26 |
Received |  |  | (40,000 | ) |  | CA$ |  | 11.44 |
Forfeited/expired |  |  | (98,000 | ) |  | CA$ |  | 9.59 |
Outstanding at September 30, 2020 |  |  | 1,411,000 |  |  | CA$ |  | 6.75 |
Exercisable at September 30, 2020 |  |  | — |  |  | CA$ |  | — |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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