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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 is as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of year |  |  | 16,082,825 |  |  |  | 0.15 |  |  |  | 25,715,742 |  |  |  | 0.11 |
Issued |  |  | - |  |  |  | - |  |  |  | 4,419,620 |  |  |  | 0.35 |
Exercised |  |  | (2,665,404 | ) |  |  | 0.14 |  |  |  | (12,580,314 | ) |  |  | 0.13 |
Cancelled / expired |  |  | - |  |  |  | - |  |  |  | (1,472,223 | ) |  |  | 0.25 |
Outstanding, end of year |  |  | 13,417,421 |  |  |  | 0.16 |  |  |  | 16,082,825 |  |  |  | 0.15 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS | At March 31, 2022, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS
Warrants Outstanding |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted Average remaining contractual life (years) |
| 8,871,817 | 1 |  | August 13, 2022 |  |  | 0.09 |  |  |  | 0.24 |
| 1,076,067 | 1 |  | August 31, 2022 |  |  | 0.09 |  |  |  | 0.03 |
| 3,469,537 |  |  | April 16, 2023 |  |  | 0.35 |  |  |  | 0.26 |
| 13,417,421 |  |  |  |  |  |  |  |  |  | 0.53 |
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 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 $0.34.
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS | A summary of option activity under the Plan during the three months period ended March 31, 2022 is as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |  |  | Number Outstanding |  |  | Weighted Average Exercise Price ($) |
Outstanding, beginning of year |  |  | 15,054,597 |  |  |  | 0.27 |  |  |  | 7,978,725 |  |  |  | 0.17 |
Issued |  |  | - |  |  |  | - |  |  |  | 8,178,972 |  |  |  | 0.37 |
Exercised |  |  | - |  |  |  | - |  |  |  | (500,000 | ) |  |  | 0.22 |
Cancelled / expired |  |  | (75,625 | ) |  |  | 1.20 |  |  |  | (603,100 | ) |  |  | 0.31 |
Outstanding, end of year |  |  | 14,978,972 |  |  |  | 0.27 |  |  |  | 15,054,597 |  |  |  | 0.27 |
SCHEDULE OF INPUTS TO OPTION PRICING MODEL | The fair value of stock options granted and vested during the periods ended March 31, 2022 and 2021 was calculated using the following assumptions: SCHEDULE OF INPUTS TO OPTION PRICING MODEL
|  | March 31, 2022 |  |  | March 31, 2021 |
Expected dividend yield |  |  | - |  |  |  | 0 | %
Expected share price volatility |  |  | - |  |  |  | 127.83 | %
Risk free interest rate |  |  | - |  |  |  | 0.93 | %
Expected life of options |  |  | - |  |  |  | 5 years |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS | Details of options outstanding as at March 31, 2022 are as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS
Options Outstanding |  |  | Options Exercisable |  |  | Expiry Date |  | Exercise Price ($) |  |  | Weighted average remaining contractual life (years) |
| 5,800,000 |  |  |  | 5,800,000 |  |  | February 24, 2025 |  |  | 0.16 |  |  |  | 1.13 |
| 1,200,000 |  |  |  | 1,200,000 |  |  | August 19, 2025 |  |  | 0.09 |  |  |  | 0.27 |
| 2,985,000 |  |  |  | 2,985,000 |  |  | February 25, 2026 |  |  | 0.32 |  |  |  | 0.78 |
| 4,993,972 |  |  |  | 4,993,972 |  |  | October 25, 2026 |  |  | 0.40 |  |  |  | 1.52 |
| 14,978,972 |  |  |  | 14,978,972 |  |  |  |  |  |  |  |  |  | 3.70 |

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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2021-01-01 -Paragraph 47 -Subparagraph a -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2021-en-r&anchor=para_47_a&doctype=Standard -URIDate 2021-03-24 + Details
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