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Share Capital, Warrants and Options (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021 is as follows:

 

    March 31, 2021     December 31, 2020  
    Number Outstanding    

Weighted Average Exercise Price

($)

     Number Outstanding    

Weighted Average Exercise Price

($)

  
Outstanding, beginning of the period     25,715,742       0.11       15,651,397       0.96  
Issued     -       -       21,731,011       0.09  
Exercised     (6,278,219 )     0.11       -       -  
Cancelled / expired     -       -       (11,666,666 )     1.20  
Outstanding, end of the period     19,437,523       0.12       25,715,742       0.11  
Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants

At March 31, 2021, 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)  
  3,359,133     December 18, 2021     0.25       0.12  
  12,535,581 1   August 13, 2022     0.09       0.88  
  3,542,809 1   August 31, 2022     0.09       0.26  
  19,437,523                   1.26  

 

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 $0.12 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 March 31, 2021, 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 three months period ended March 31, 2021, is as follows:

 

    March 31, 2021     December 31, 2020  
    Number Outstanding     Weighted Average Exercise
Price ($)		     Number Outstanding     Weighted Average Exercise
Price ($)		  
Outstanding, beginning of the period     7,978,725       0.17       2,130,550       1.51  
Issued     3,185,000       0.32       7,850,000       0.15  
Cancelled / expired     (603,100 )     0.33       (2,001,825 )     1.51  
Outstanding, end of the period     10,560,625       0.21       7,978,725       0.17  
Schedule of Inputs to Option Pricing Model

The fair value of stock options granted and vested during the years ended March 31, 2021 was calculated using the following assumptions:

 

    March 31, 2021     March 31, 2020  
Expected dividend yield     0 %     0 %
Expected share price volatility     127.83 %     121.55 %
Risk free interest rate     0.93 %     1.21 %
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 March 31, 2021 are as follows:

 

Options

Outstanding

    

Options

Exercisable

    

Expiry

Date

  

Exercise

Price ($)

     Weighted average remaining contractual life (years)  
  40,625       40,625     February 21, 2022     1.20       0.00  
  35,000       35,000     February 28, 2023     1.20       0.01  
  6,100,000       6,100,000     February 24, 2025     0.16       2.27  
  1,200,000       1,200,000     August 19, 2025     0.09       0.50  
  3,185,000       3,185,000     February 25, 2026     0.32       1.49  
  10,560,625       10,560,625                   4.27