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Share Capital, Warrants and Options (Tables)

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020, December 31, 2019 and December 31, 2018 is as follows:

		December 31, 2020								December 31, 2019								December 31, 2018
		Number Outstanding				Weighted Average Exercise Price ($)				Number Outstanding				Weighted Average Exercise Price ($)				Number Outstanding				Weighted Average Exercise Price ($)
Outstanding, beginning of year			15,651,397				0.96				25,797,283				1.20				17,617,541				1.20
Issued			21,731,011				0.09				3,984,731				0.25				11,666,666				1.20
Cancelled / expired			(11,666,666	)			1.20				(14,130,617	)			1.20				(3,486,924	)			1.20
Outstanding, end of year			25,715,742				0.11				15,651,397				0.96				25,797,283				1.20

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

At December 31, 2020, 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)
	3,984,731			December 18, 2021			0.25				0.15
	16,045,231 ¹			August 13, 2022			0.09				1.01
	5,685,780 ¹			August 31, 2022			0.09				0.37
	25,715,742										1.53

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 $0.12 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, 2020, the Company’s common shares have met the criterion for acceleration. The Company, however, has not accelerated the warrant expiry date.

Schedule of Number and Weighted Average Exercise Prices of Share Options

A summary of option activity under the Plan during the years ended December 31, 2020, December 31, 2019 and December 31, 2018 is as follows:

		December 31, 2020								December 31, 2019								December 31, 2018
		Number Outstanding				Weighted Average Exercise Price ($)				Number Outstanding				Weighted Average Exercise Price ($)				Number Outstanding				Weighted Average Exercise Price ($)
Outstanding, beginning of year			2,130,550				1.51				2,594,550				1.80				2,072,050				2.30
Issued			7,850,000				0.15				-				-				642,500				1.20
Cancelled / expired			(2,001,825	)			1.51				(464,000	)			4.23				(120,000	)			1.80
Outstanding, end of year			7,978,725				0.17				2,130,550				1.51				2,594,550				1.80

Schedule of Inputs to Option Pricing Model

The fair value of stock options granted and vested during the years ended December 31, 2020, 2019 and 2018 was calculated using the following assumptions:

		December 31, 2020				December 31, 2019				December 31, 2018
Expected dividend yield			0	%			-				0	%
Expected share price volatility			121.5% - 125	%			-				96.9% - 101	%
Risk free interest rate			0.39% - 1.21	%			-				2.04% - 2.17	%
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 December 31, 2020 are as follows:

Options Outstanding				Options Exercisable				Expiry Date		Exercise Price ($)				Weighted average remaining contractual life (years)
	53,100				53,100			January 28, 2021*			2.10				0.00
	40,625				40,625			February 21, 2022			1.20				0.01
	35,000				35,000			February 28, 2023			1.20				0.01
	6,650,000				6,650,000			February 24, 2025			0.16				3.46
	1,200,000				1,200,000			August 19, 2025			0.09				0.70
	7,978,725				7,978,725										4.18

^*Subsequently expired, unexercised.