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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2021, December 31, 2020 and December 31, 2019 is as follows:

 SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS

   December 31, 2021   December 31, 2020     December 31, 2019 
   Number Outstanding  

Weighted Average Exercise Price

($)

   Number Outstanding  

Weighted Average Exercise Price

($)

       Number Outstanding      

Weighted Average Exercise Price

($)

 
Outstanding, beginning of year   25,715,742    0.11    15,651,397    0.96       25,797,283       1.20 
Issued   4,419,620    0.35    21,731,011    0.09       3,984,731       0.25 
Exercised   (12,580,314)   0.13    -    -       -       - 
Cancelled / expired   (1,472,223)   0.25    (11,666,666)   1.20       (14,130,617 )   1.20 
Outstanding, end of year   16,082,825    0.15    25,715,742    0.11     15,651,397       0.96 
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS

At December 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) 
 10,871,8171  August 13, 2022   0.09    0.41 
 1,204,6381  August 31, 2022   0.09    0.05 
 4,006,370   April 16, 2023   0.35    0.33 
 16,082,825            0.79 

 

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, 2021, the Company’s common shares have met the criterion for acceleration. The Company, however, has not accelerated the warrant expiry date.

 

The average share price at the dates the finders’ warrants were exercised was $0.34.

 
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, 2021, December 31, 2020 and December 31, 2019 is as follows:

 

   December 31, 2021   December 31, 2020    December 31, 2019  
   Number Outstanding   Weighted Average Exercise Price ($)   Number Outstanding   Weighted Average Exercise Price ($)    Number Outstanding     Weighted Average Exercise Price ($)  
Outstanding, beginning of year   7,978,725    0.17    2,130,550    1.51      2,594,550     1.80  
Issued   8,178,972    0.37    7,850,000    0.15      -       -  
Exercised   (500,000)   0.22    -    -      -     -  
Cancelled / expired   (603,100)   0.31    (2,001,825)   1.51    (464,000 )   4.23  
Outstanding, end of year   15,054,597    0.27    7,978,725    0.17    2,130,550       1.51  
SCHEDULE OF INPUTS TO OPTION PRICING MODEL

The fair value of stock options granted and vested during the years ended December 31, 2021, 2020 and 2019 was calculated using the following assumptions:

 

   December 31, 2021   December 31, 2020   

December 31, 2019

  
Expected dividend yield   0%   0%                 -  
Expected share price volatility   126.4% - 127.8%   121.5% - 125%     -  
Risk free interest rate   0.93% - 1.34%   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 December 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    0.00 
 5,800,000    5,800,000   February 24, 2025   0.16    1.22 
 1,200,000    1,200,000   August 19, 2025   0.09    0.29 
 2,985,000    2,985,000   February 25, 2026   0.32    0.83 
 4,993,972    4,993,972   October 25, 2026   0.40    1.61 
 15,054,597    15,054,597            3.95 

 

*Subsequently expired, unexercised.

The average share price at the dates the options were exercised was $0.485.