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Share Capital, Warrants and Options (Tables)

9 Months Ended

Sep. 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 nine months period ended September 30, 2018 is as follows:

		September 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			(34,869,241	)			0.12				(14,778,344	)			0.30
Outstanding, end of the period			257,972,836				0.12				176,175,413				0.12

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

At September 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)
72,515,414			June 8, 2019				0.12				0.19
1,965,083			June 8, 2019				0.075				0.01
46,334,451			Jul 21, 20191,2				0.12				0.14
20,491,224			August 15, 2019				0.12				0.07
116,666,664			April 19, 2020				0.12				0.70
257,972,836											1.11

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 September 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 September 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 nine months period ended September 30, 2018 is as follows:

		September 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			(1,200,000	)			0.18				(1,240,000	)			0.24
Exercised			-				-				-				-
Outstanding, end of the period			25,945,500				0.18				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 September 30, 2018 and September 30, 2017 was calculated using the following assumptions:

		September 30, 2018				September 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 September 30, 2018 are as follows:

Options Outstanding				Options Exercisable				Expiry Date		Exercise Price				Weighted average remaining contractual life (years)
	2,440,000				2,440,000			Jul 9, 2019			0.62				0.07
	200,000				200,000			Aug 27, 2019			0.37				0.01
	100,000				100,000			Sep 26, 2019			0.26				0.00
	350,000				350,000			Nov 5, 2019			0.21				0.01
	1,000,000				1,000,000			Dec 19, 2019			0.22				0.05
	900,000				900,000			Feb 3, 2020			0.275				0.05
	450,000				450,000			Oct 5, 2020			0.20				0.03
	5,443,000				5,443,000			Jan 28, 2021			0.21				0.49
	7,637,500				7,637,500			Feb 21, 2022			0.12				1.00
	1,000,000				1,000,000			Dec 20, 2022			0.12				0.16
	5,725,000				5,725,000			Feb 28, 2023			0.12				0.97
	500,000				500,000			May 1, 2023			0.12				0.09
	200,000				200,000			May 4, 2023			0.12				0.04
	25,945,500				25,945,500										2.97

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