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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables)
 9 Months Ended
Sep. 30, 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 nine months period ended September 30, 2021 is as follows:

 

   September 30, 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   4,383,620    0.35    21,731,011    0.09 
Exercised   (6,725,019)   0.10    -    - 
Cancelled / expired   -    -    (11,666,666)   1.20 
Outstanding, end of the period   23,374,343    0.16    25,715,742    0.11 
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS

At September 30, 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   0.03 
 12,488,7811   August 13, 2022  0.09   0.46 
 3,142,809 1   August 31, 2022  0.09   0.12 
 4,383,620   April 16, 2023  0.35   0.29 
 23,374,343          0.90 

 

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 September 30, 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 nine months period ended September 30, 2021, is as follows:

 

   September 30, 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 September 30, 2021 was calculated using the following assumptions:

 

   September 30, 2021   September 30, 2020 
Expected dividend yield   0%   0%
Expected share price volatility   127.83%   121.55% - 125.025%
Risk free interest rate   0.93%   0.39% - 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 September 30, 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    0.00 
 6,100,000    6,100,000   February 24, 2025   0.16    1.97 
 1,200,000    1,200,000   August 19, 2025   0.09    0.44 
 3,185,000    3,185,000   February 25, 2026   0.32    1.33 
 10,560,625    10,560,625            3.74