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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables) | 12 Months Ended
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Dec. 31, 2017
SHARE CAPITAL, WARRANTS AND OPTIONS |
Schedule of number and weighted average exercise prices of warrants |
|  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2015 |
|  | Number Outstanding |  | Weighted Average Exercise Price ($) |  | Number Outstanding |  | Weighted Average Exercise Price ($) |  | Number Outstanding |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of year |  | 95,982,036 |  | 0.15 |  | 27,738,344 |  | 0.49 |  | 25,137,030 |  | 0.47 |
Issued |  | 94,971,721 |  | 0.12 |  | 81,203,692 |  | 0.12 |  | 14,778,344 |  | 0.12 |
Cancelled / Expired |  | (14,778,344 | ) | 0.30 |  | (12,960,000 | ) | 0.71 |  | (4,715,282 | ) | 0.21 |
Exercised |  | — |  | — |  | — |  | — |  | (7,461,748 | ) | 0.21 |
Outstanding, end of year |  | 176,175,413 |  | 0.12 |  | 95,982,036 |  | 0.15 |  | 27,738,344 |  | 0.49 |
Schedule of number and weighted average remaining contractual life of outstanding warrants |
Warrants Outstanding |  | Expiry Date |  | Exercise Price ($) |  | Weighted Average remaining contractual life (years) |
46,334,451 |  | Jul 21, 2018 1 |  | 0.12 |  | 0.15 |
1,203,695 |  | Jul 21, 2018 |  | 0.075 |  | 0.00 |
33,665,546 |  | Sep 12, 2018 1 |  | 0.12 |  | 0.13 |
72,515,414 |  | June 8, 2019 |  | 0.12 |  | 0.59 |
1,965,083 |  | June 8, 2019 |  | 0.075 |  | 0.02 |
20,491,224 |  | August 15, 2019 |  | 0.12 |  | 0.19 |
176,175,413 |  |  |  |  |  | 1.08 |
1 The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $0.18 per common share for a period of 10 consecutive trading days at any date before the expiration date of such warrants, the Company may, at its option, accelerate the warrant expiry date to within 30 days. To December 31, 2017, the Company’s common shares have not met the criterion for acceleration.
Schedule of number and weighted average exercise prices of share options |
|  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2015 |
|  | Number Outstanding |  | Weighted Average Exercise Price |  | Number Outstanding |  | Weighted Average Exercise Price |  | Number Outstanding |  | Weighted Average Exercise Price |
Outstanding, beginning of year |  | 12,823,000 |  | 0.30 |  | 9,872,500 |  | 0.37 |  | 12,548,000 |  | 0.31 |
Issued |  | 9,137,500 |  | 0.12 |  | 6,058,000 |  | 0.21 |  | 1,350,000 |  | 0.25 |
Cancelled / Expired |  | (1,240,000 | ) | 0.24 |  | (3,107,500 | ) | 0.34 |  | (2,876,500 | ) | 0.11 |
Exercised |  | — |  | — |  | — |  | — |  | (1,149,000 | ) | 0.10 |
Outstanding, end of year |  | 20,720,500 |  | 0.23 |  | 12,823,000 |  | 0.30 |  | 9,872,500 |  | 0.37 |
Schedule of inputs to option pricing model |
|  | December 31, 2017 |  | December 31, 2016 |  | December 31, 2015 |
Expected dividend yield |  | 0% |  | 0% |  | 0% |
Expected share price volatility |  | 66.6% - 100.6% |  | 111% - 113% |  | 157.9% - 170.5% |
Risk free interest rate |  | 1.17% – 1.80% |  | 0.68% – 0.79% |  | 0.64% - 0.79% |
Expected life of options |  | 5 years |  | 5 years |  | 5years |
Schedule of number and weighted average remaining contractual life of outstanding share options |
Options Outstanding |  | Options Exercisable |  | Expiry Date |  | Exercise Price ($) |  | Weighted average remaining contractual life (years) |
150,000 |  | 150,000 |  | Jan 15, 2018 | * | 0.15 |  | 0.00 |
200,000 |  | 200,000 |  | Apr 22, 2018 |  | 0.15 |  | 0.00 |
150,000 |  | 150,000 |  | Jul 29, 2018 |  | 0.20 |  | 0.00 |
200,000 |  | 200,000 |  | Sep 30, 2018 |  | 0.37 |  | 0.01 |
2,440,000 |  | 2,440,000 |  | Jul 9, 2019 |  | 0.62 |  | 0.18 |
200,000 |  | 200,000 |  | Aug 27, 2019 |  | 0.37 |  | 0.02 |
100,000 |  | 100,000 |  | Sep 26, 2019 |  | 0.26 |  | 0.01 |
350,000 |  | 350,000 |  | Nov 5, 2019 |  | 0.21 |  | 0.03 |
1,000,000 |  | 1,000,000 |  | Dec 19, 2019 |  | 0.22 |  | 0.09 |
900,000 |  | 900,000 |  | Feb 3, 2020 |  | 0.275 |  | 0.09 |
450,000 |  | 450,000 |  | Oct 5, 2020 |  | 0.20 |  | 0.06 |
5,443,000 |  | 5,443,000 |  | Jan 28, 2021 |  | 0.21 |  | 0.81 |
8,137,500 |  | 8,137,500 |  | Feb 21, 2022 |  | 0.12 |  | 1.63 |
1,000,000 |  | 1,000,000 |  | Dec 20, 2022 |  | 0.12 |  | 0.24 |
20,720,500 |  | 20,720,500 |  |  |  |  |  | 3.17 |
* Subsequently expired, unexercised.

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