Shareholders' Equity and Share Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Shareholders' Equity and Share Based Compensation

16	SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

On January 20, 2021, the Company closed a registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 10,887,097 common shares at a purchase price of $12.40 per common share for gross proceeds of approximately $135 million before placement agent fees and other offering expenses.

On September 10, 2020, the Company sold 9,396,226 units through a registered direct offering. Each unit that was sold consisted of one common share of the Company and one-half (0.5) of a warrant to purchase a common share of the Company at a price of $5.80. On March 10, 2021, the warrants became exercisable and will expire on September 10, 2025. As of March 31, 2021, 3,045,283 of the warrants have been exercised.

Share-based compensation expense for the three months ended March 31, 2021 and 2020 was $1,998 and $529, respectively.

Stock option activity for the three months ended March 31, 2021 is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2021		3,067,322		C$	6.91		6.82	$	20,051
Exercised		(104,000	)	C$	1.40		0.00	$	—
Outstanding at March 31, 2021		2,963,322		C$	7.10		6.72	$	28,661
Exercisable at March 31, 2021		1,717,501		C$	5.45		4.90	$	19,490

Performance-based shares activity for the three months ended March 31, 2021 was as follows:

	Number of Performance-based Restricted Share Units			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2021		869,000		C$	7.51
Received		(243,000	)	C$	6.53
Outstanding at March 31, 2021		626,000		C$	7.89
Exercisable at March 31, 2021		5,000		C$	5.79