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Share Capital, Warrants and Options (Tables)
 6 Months Ended
Jun. 30, 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 six months period ended June 30, 2019 is as follows:

 

   June 30, 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   (74,480,497)   0.12    (34,869,241)   0.12 
                     
Outstanding, end of the period   183,492,339    0.12    257,972,836    0.12 
Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants

At June 30, 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) 
 46,334,451   July 21, 20191,2,3   0.12    0.02 
 20,491,224   August 15, 20193   0.12    0.01 
 116,666,664   April 19, 2020   0.12    0.51 
 183,492,339            0.54 

 

1 The warrants were 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, 2019, the Company’s common shares have not met the criterion for acceleration.

 

2 On 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.

 

3 Subsequently expired, unexercised.
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, 2019 is as follows:

 

   June 30, 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 June 30, 2018 was calculated using the following assumptions:

 

   June 30, 2019   June 30, 2018 
Expected dividend yield   -    0%
Expected share price volatility   -    96.9% -101%
Risk free interest rate   -    2.04%-2.17%
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 June 30, 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, 20191   0.62    0.00 
 200,000    200,000   Aug 27, 2019   0.32    0.00 
 100,000    100,000   Sep 26, 2019   0.26    0.00 
 350,000    350,000   Nov 5, 2019   0.21    0.00 
 1,000,000    1,000,000   Dec 19, 2019   0.22    0.02 
 900,000    900,000   Feb 3, 2020   0.275    0.02 
 450,000    450,000   Oct 5, 2020   0.20    0.02 
 5,443,000    5,443,000   Jan 28, 2021   0.21    0.34 
 7,637,500    7,637,500   Feb 21, 2022   0.12    0.78 
 1,000,000    1,000,000   Dec 20, 2022   0.12    0.13 
 5,725,000    5,725,000   Feb 28, 2023   0.12    0.82 
 500,000    500,000   May 1, 2023   0.12    0.07 
 200,000    200,000   May 4, 2023   0.12    0.03 
 25,945,500    25,945,500            2.23 

 

1 Subsequently expired, unexercised.