XML 48 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Share Capital, Warrants and Options (Tables)
 6 Months Ended
Jun. 30, 2018
SHARE CAPITAL, WARRANTS AND OPTIONS  
Schedule of Number and Weighted Average Exercise Prices of Warrants

A summary of common share purchase warrants activity during the six months period ended June 30, 2018 is as follows:

 

    June 30, 2018     December 31, 2017  
    Number Outstanding     Weighted Average Exercise Price     Number Outstanding     Weighted Average Exercise Price  
Outstanding, beginning of the period     176,175,413       0.12       95,982,036       0.15  
Issued     116,666,664       0.12       94,971,721       0.12  
Cancelled / Expired     -       -       (14,778,344 )     0.30  
                                 
Outstanding, end of the period     292,842,077       0.12       176,175,413       0.12

Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants

At June 30, 2018, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

 

Warrants Outstanding     Expiry Date   Exercise Price ($)     Weighted Average remaining contractual life (years)  
                   
  1,203,695     Jul 21, 2018     0.075       0.00  
  33,665,546     Sep 12, 20181     0.12       0.02  
  72,515,414     June 8, 2019     0.12       0.29  
  1,965,083     June 8, 2019     0.075       0.01  
  46,334,451     Jul 21, 20191,2     0.12       0.17  
  20,491,224     August 15, 2019     0.12       0.08  
  116,666,664     April 19, 2020     0.12       0.72  
  292,842,077                   1.13  

 

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 June 30, 2018, the Company’s common shares have not met the criterion for acceleration.

 

2 On May 28, 2018, the Company applied to the TSXV to extend the expiry date of 46,334,451 common share purchase warrants of the Company. The warrants were originally granted pursuant to a public offering of units of the Company, which closed on July 21, 2016. The warrants are exercisable for common shares of the Company at a price of $0.12 per common share and are set to expire on July 21, 2018. The Company proposed to extend the expiry date of the warrants by an additional twelve months to July 21, 2019. All other terms of the warrants, including the exercise price, will remain the same. On June 1, 2018, TSXV approved the proposed term extension of the warrants.
Schedule of Number and Weighted Average Exercise Prices of Share Options

A summary of option activity under the Plan during the six months period ended June 30, 2018 is as follows:

 

    June 30, 2018     December 31, 2017  
    Number Outstanding     Weighted Average Exercise Price     Number Outstanding     Weighted Average Exercise Price  
Outstanding, beginning of the period     20,720,500       0.23       12,823,000       0.30  
Issued     6,425,000       0.12       9,137,500       0.12  
Cancelled / Expired     (850,000 )     0.13       (1,240,000 )     0.24  
Exercised     -       -       -       -  
                                 
Outstanding, end of the period     26,295,500       0.20       20,720,500       0.23

Schedule of Inputs to Option Pricing Model

The fair value of stock options granted and vested during the period ended June 30, 2018 and June 30, 2017 was calculated using the following assumptions:

 

    June 30, 2018     June 30, 2017  
Expected dividend yield     0 %     0 %
Expected share price volatility     96.9%-101 %     100.6 %
Risk free interest rate     2.04%- 2.17 %     1.17 %
Expected life of options     5 years       5 years

Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options

Details of options outstanding as at June 30, 2018 are as follows:

 

Options

Outstanding

  

Options

Exercisable

    

Expiry

Date

    

Exercise

Price

     Weighted average remaining contractual life (years)  
150,000     150,000       Jul 29, 2018*       0.20       0.08  
200,000     200,000       Sep 30, 2018       0.37       0.25  
2,440,000     2,440,000       Jul 9, 2019       0.62       1.02  
200,000     200,000       Aug 27, 2019       0.37       1.16  
100,000     100,000       Sep 26, 2019       0.26       1.24  
350,000     350,000       Nov 5, 2019       0.21       1.35  
1,000,000     1,000,000       Dec 19, 2019       0.22       1.47  
900,000     900,000       Feb 3, 2020       0.275       1.60  
450,000     450,000       Oct 5, 2020       0.20       2.27  
5,443,000     5,443,000       Jan 28, 2021       0.21       2.58  
7,637,500     7,637,500       Feb 21, 2022       0.12       3.65  
1000,000     1,000,000       Dec 20, 2022       0.12       4.48  
5,725,000     5,725,000       Feb 28, 2023       0.12       4.65  
500,000     500,000       May 1, 2023       0.12       4.84  
200,000     200,000       May 4, 2023       0.12       4.85  
26,295,500     26,295,500                       3.18  

 

* Subsequently expired, unexercised.