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Share Capital, Warrants and Options (Tables)

3 Months Ended

Mar. 31, 2019

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 three months period ended March 31, 2019 is as follows:

		March 31, 2019								December 31, 2018
		Number Outstanding				Weighted Average Exercise Price				Number Outstanding				Weighted Average Exercise Price
Outstanding, beginning of the period			257,972,836				0.12				176,175,413				0.12
Issued			-				-				116,666,664				0.12
Cancelled / Expired			-				-				(34,869,241	)			0.12

Outstanding, end of the period			257,972,836				0.12				257,972,836				0.12

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

At March 31, 2019, 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, 2019¹			0.12				0.05
	1,965,083			June 8, 2019			0.075				0.00
	46,334,451			July 21, 2019^1,2			0.12				0.06
	20,491,224			August 15, 2019			0.12				0.03
	116,666,664			April 19, 2020			0.12				0.48
	257,972,836										0.62

¹The 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, 2018, the Company’s common shares have not met the criterion for acceleration.

²On September 1, 2018, the TSXV approved an extension of the term of the warrants from July 21, 2018 to July 21, 2019. All other terms, including the exercise price, remain the same.

Schedule of Number and Weighted Average Exercise Prices of Share Options

A summary of option activity under the Plan during the three months period ended March 31, 2019 is as follows:

		March 31, 2019								December 31, 2018
		Number Outstanding				Weighted Average Exercise Price				Number Outstanding				Weighted Average Exercise Price
Outstanding, beginning of the period			25,945,500				0.18				20,720,500				0.23
Issued			-				-				6,425,000				0.12
Cancelled / Expired			-				-				(1,200,000	)			0.18

Outstanding, end of the period			25,945,500				0.18				25,945,500				0.18

Schedule of Inputs to Option Pricing Model

The fair value of stock options granted and vested during the period ended March 31, 2018 was calculated using the following assumptions:

		March 31, 2019				March 31, 2018
Expected dividend yield			-				0	%
Expected share price volatility			-				96.9	%
Risk free interest rate			-				2.04	%
Expected life of options			-				5 years

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

Details of options outstanding as at March 31, 2019 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				0.03
	200,000				200,000			Aug 27, 2019			0.37				0.00
	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				0.03
	900,000				900,000			Feb 3, 2020			0.275				0.03
	450,000				450,000			Oct 5, 2020			0.20				0.03
	5,443,000				5,443,000			Jan 28, 2021			0.21				0.38
	7,637,500				7,637,500			Feb 21, 2022			0.12				0.85
	1,000,000				1,000,000			Dec 20, 2022			0.12				0.14
	5,725,000				5,725,000			Feb 28, 2023			0.12				0.86
	500,000				500,000			May 1, 2023			0.12				0.08
	200,000				200,000			May 4, 2023			0.12				0.03
	25,945,500				25,945,500										2.47