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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2023
Share Capital Warrants And Options  
SCHEDULE OF FAIR VALUE OF WARRANTS ASSUMPTIONS

The fair value of the warrants was calculated using the following assumptions:

 

   February 24,
2023		   June 28,
2023		 
Expected dividend yield   0%   0%
Stock price  $1.73   $1.35 
Expected share price volatility   77.52%   92.06%
Risk free interest rate   4.28%   4.13%
Expected life of warrant   2 years    3 years 
SCHEDULE OF WARRANT ACTIVITY

A summary of common share purchase warrant activity for the nine months ended September 30, 2023 was as follows:

 

   September 30, 2023   December 31, 2022 
  

Number Outstanding

  

Weighted Average Exercise Price ($)

  

Number Outstanding

  

Weighted Average Exercise Price ($)

 
Outstanding, beginning of the period   1,098,786    1.96    -    - 
Issued   5,895,448    1.47    2,347,569    1.16 
Exercised   -    -    (1,236,408)   0.46 
Cancelled/expired   (159,836)   1.97    (12,375)   - 
Outstanding, end of the period   6,834,398    1.53    1,098,786    1.96 
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS

At September 30, 2023, 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) 
 643,299   October 16, 20231   1.75    0.00 
 295,651   August 3, 2024   2.40    0.04 
 221,448   February 24, 2025   1.75    0.05 
 350,000   March 22, 2024   1.75    0.02 
 5,324,000   June 28, 2026   1.4375    2.14 
 6,834,398            2.25 

 

1.A total of 100,000 warrants were exercised and the remaining 543,299 warrants expired on October 16, 2023.
SCHEDULE OF OPTION ACTIVITY

A summary of option activity under the Plan during the nine months ended September 30, 2023 is as follows:

 

   September 30, 2023   December 31, 2022 
  

Number Outstanding

  

Weighted Average Exercise Price ($)

  

Number Outstanding

  

Weighted Average Exercise Price ($)

 
Outstanding, beginning of the period   10,407,044    1.10    2,995,794    1.33 
Issued   3,833,277    1.75    8,827,250    1.16 
Exercised   -    -    (1,416,000)   0.46 
Outstanding, end of the period   14,240,321    1.28    10,407,044    1.10 
SCHEDULE OF FAIR VALUE OF STOCK OPTION ASSUMPTIONS

The fair value of stock options granted during the nine months ended September 30, 2023 was calculated using the following assumptions:

 

   September 30,
2023		   September 30,
2022		 
Expected dividend yield   0%   0%
Expected share price volatility   87.92%   126.68-129.48% 
Risk free interest rate   3.83%   2.85%
Expected life of options   5 years    4.16-4.47 years 
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS

Details of options outstanding as at September 30, 2023 are as follows:

 

Options

Outstanding

  

Options Exercisable

  

Expiry Date

 

Exercise

Price ($)

   Weighted average remaining contractual life (years) 
 900,000    900,000   February 24, 2025   0.80    0.09 
 240,000    240,000   August 19, 2025   0.45   0.03 
 3,689,000    3,689,000   January 26, 2026   0.39    0.60 
 495,000    495,000   February 25, 2026   1.60    0.08 
 1,343,850    1,343,850   September 29, 2026   0.91    0.28 
 998,794    998,794   October 25, 2026   2.00    0.22 
 2,740,400    2,740,400   January 20, 2027   2.40    0.64 
 3,833,277    -   August 8, 2028   1.75    1.31 
 14,240,321    10,407,044            3.25 
SCHEDULE OF DEFERRED SHARE UNIT PLAN HAVE BEEN GRANTED

During the nine months ended September 30, 2023, DSUs have been granted as follows:

 

   Number
Outstanding		  

Market Price 1

($)

  

Fair Value

($)

 
DSUs outstanding at December 31, 2022   200,000    1.49    298,000 
DSUs granted during the period2   407,463    1.37    558,524 
                
DSUs outstanding at September 30, 2023   607,463    1.41    856,524 

 

1.

According to the DSU plan, Market Price is the volume weighted average price on the TSXV for the last five trading days immediately preceding the grant date.
  
2.DSUs were granted on March 31, Jun 30 and September 30, 2023. The market price of $1.37 represented the weighted average price for those grants.