Shareholders' Equity and Share Based Compensation

9 Months Ended

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$	—