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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables)

3 Months Ended

Mar. 31, 2024

SHARE CAPITAL, WARRANTS AND OPTIONS

Schedule of assumptions used to calculate fair value of the warrants in connection with financing transactions

​

​	​	​	​	​	​	​	​
​		February 24, 2023			June 28, 2023
Expected dividend yield		​	0	%	​	0	%
Expected forfeiture rate		​	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 common share purchase warrant activity and outstanding common share purchase warrants exercisable to acquire common shares

​

​	​	​	​	​	​	​	​	​
​		March 31, 2024				December 31, 2023
​	​	​	​	Weighted	​	​	​	Weighted
​	​	​	​	Average	​	​	​	Average
​	​	Number	​	Exercise Price	​	Number	​	Exercise Price
​	​	Outstanding	​	($)	​	Outstanding	​	($)
Outstanding, beginning of the period		6,891,099		1.50		1,098,786		1.96
Issued		—		—		6,595,448		1.46
Exercised		—		—		(100,000)		1.75
Cancelled/expired		(350,000)		1.75		(703,135)		1.80
Outstanding, end of the period		6,541,099		​		6,891,099		1.50

​

At March 31, 2024, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

​

​	​	​	​	​	​	​
​		​		Exercise Price		Weighted Average remaining
Warrants Outstanding		Expiry Date		($)		contractual life (years)
295,651	​	August 3, 2024		2.40		0.01
221,448	​	February 24, 2025		1.75		0.03
5,324,000	​	June 28, 2026		1.44		1.83
700,000	​	June 28, 2026		1.44		0.24
6,541,099	​	​				2.11

Schedule of option activity

​

​	​	​	​	​	​	​	​	​
​		March 31, 2024				December 31, 2023
​	​	​		Weighted	​	​		Weighted
​	​	​	​	Average	​	​	​	Average
​	​	Number	​	Exercise Price	​	Number	​	Exercise Price
​	​	Outstanding	​	($)	​	Outstanding	​	($)
Outstanding, beginning of the period		13,487,921		1.39		10,407,044		1.10
Issued		—		—		3,833,277		1.75
Exercised		(278,100)		0.86		(488,900)		0.49
Cancelled		(150,000)		1.75		(263,500)		2.40
Outstanding, end of the period		13,059,821		1.39		13,487,921		1.39

Schedule of assumptions used to calculate the fair value of stock options granted

​

​	​	​	​
​		December 31, 2023
Expected dividend yield		0	%
Expected forfeiture rate		0	%
Expected share price volatility		87.92	%
Risk free interest rate		4.28-4.68	%
Expected life of options		3-4	years

Schedule of details of options outstanding

​

​	​	​	​	​	​	​	​	​
​		​		​		​		Weighted average
Options	​	Options	​	Expiry	​	Exercise	​	remaining contractual life
Outstanding	​	Exercisable	​	Date	​	Price ($)		(years)
660,000		660,000	​	February 24, 2025		0.80		0.05
240,000		240,000	​	August 19, 2025		0.45		0.03
3,320,100		3,320,000	​	January 26, 2026		0.39		0.46
495,000		495,000	​	February 25, 2026		1.60		0.07
1,185,750		1,185,750	​	September 29, 2026		0.91		0.23
998,794		998,794	​	October 25, 2026		2.00		0.20
2,476,900		2,476,900	​	January 20, 2027		2.40		0.53
3,683,277		—	​	August 8, 2028		1.75		1.23
13,059,821		9,376,444	​	​				2.80

Schedule of DSU granted

​

​	​	​	​	​	​	​
​		Number		Market Price 1		Fair Value
​	​	Outstanding	​	($)	​	($)
DSUs outstanding at December 31, 2023		730,975		1.21		884,481
DSUs granted during the period		312,499		0.90		281,249
Fair value adjustment		—		​		(226,602)
DSUs outstanding at March 31, 2024		1,043,474		0.90		939,128

​

^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.

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Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the change in stock options.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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