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Capital Stock
 9 Months Ended
Sep. 30, 2012
Capital Stock [Abstract]  
Capital Stock

8. Capital Stock 

 

Common shares issued and outstanding 

 

 

 

 

 

 

Number of shares issued

As of December 31, 2011

 
71,503,883 

Exercises of compensation options

 
225,000 

Exercises of compensation warrants

 
593,478 

Private Placement, July 2012

 
5,000,000 

Exercises of stock options

 
7,500 

As of September 30, 2012

 
77,329,861 

 

On March 13, 2012, the Company received $733 in proceeds from the issuance of 225,000 common shares resulting from the exercise of 225,000 compensation options issued in April 2011.  On April 18, 2012, the Company received $1,100 in proceeds from the issue of 478,261 common shares resulting from the exercise of 478,261 compensation warrants issued in April 2011. On August 10, 2012, the Company received $265 in proceeds from the issuance of 115,217 common shares resulting from an exercise of 115,217 compensation warrants issued in October 2010. 

 

Private Placement, July 2012 

 

During July 2012, the Company closed its private placement of 5,000,000 units (the “Units”) for gross proceeds of $15,000 (the “2012 Offering”).  Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each full warrant, a “Warrant”).  Each Warrant entitles the holder thereof to purchase one common share at a price of $3.60 per share (subject to adjustment in certain circumstances) and is exercisable for a period of 24 months from the closing of the 2012 Offering.  In connection with the 2012 Offering, the Company paid cash commissions of $500 and issued a total of 166,667 compensation warrants (“Compensation Warrants”) to finders that provided services in respect of subscriptions for 3,333,334 Units.  Each Compensation Warrant entitles the holder thereof to purchase one common share at a price of $3.18 per share (subject to adjustment in certain circumstances) for a period of 24 months from the closing of the 2012 Offering.