XML 39 R17.htm IDEA: XBRL DOCUMENT v3.25.2
SHARE CAPITAL
 12 Months Ended
Mar. 31, 2025
Disclosure of classes of share capital [abstract]  
SHARE CAPITAL [Text Block]

12. SHARE CAPITAL

(a) Share Capital

The Company is authorised to issue an unlimited number of common shares, with no par value.

During the year ended March 31, 2025, the Company completed a private placement in which a total of 2,361,500 units were issued at $1.30 per unit for gross proceeds of $3,069,950. Each unit consisted of one common share and one-half of one common share purchase warrant with each whole warrant exercisable at $3.00 per a period of two years. Unit issue costs associated with this private placement totaled $73,624.

During the year ended March 31, 2025, the Company issued 1,312,751 common shares in connection with the exercise of 1,700,000 options (2024: 1,527,696 common shares on exercise of 2,000,000 options). The carrying value of the options, being $375,000 (2024: $645,000), was removed from share-based payment reserve and added to share capital. Of the 1,700,000 (2023: 2,000,000) options exercised, 1,250,000 (2024: 1,900,000) were exercised using a "cashless" exercise method whereby 387,249 (2024: 472,304) fewer shares were issued than exercised as compensation for the $534,500 (2024: $958,000) that would have otherwise been received by the Company upon exercise.

During the year ended March 31, 2025, the Company also purchased, and subsequently cancelled, 102,900 (2024: 245,100) of

its own common shares at a cost of $142,866 (2024: $408,853).

(b) Share Purchase Warrants

Details of share purchase warrants outstanding as at March 31, 2025 are as follows:

    Exercise     Grant Date     March 31,  
    Price     Fair Value     2025  
Expiry Date   $     $     #  
August 19, 2026   3.00     89,737     1,180,750  

The following is a summary of warrants activity for the year ended March 31, 2025: 

    Year ended
March 31, 2025		  
    Number     Weighted
average
 exercise price		  
          $  
Balance, beginning of year   -     -  
Granted   1,180,750     3.00  
Exercised   -     -  
Expired   -     -  
Balance, end of year   1,180,750     3.00  

The grant date fair value of these warrants was $0.08. The fair value of these warrants was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 49%; risk-free interest rate of 3.3%; and expected life of 2 years.

The Company had no share purchase warrants outstanding as of March 31, 2024.

(c) Stock Options and Share-Based Payment Reserve

During the year ended March 31, 2025, the Company issued 2,000,000 stock options to a number of consultants, employees and directors at exercise prices ranging from $1.42 to $1.52. The grant date fair value of these stock options was $1,802,247. The vesting period for the stock options issued was as follows: 621,250 at the date of issuance; 661,250 after 12 months from the date of issuance; 621,250 after 24 months from the date of issuance; and 96,250 after 36 months from the date of issuance.

In addition, during the year ended March 31, 2025, the Company's subsidiary, Triera Biosciences Ltd. ("Triera"), issued 5,000 stock options to a consultant at an exercise price of $1.00. The grant date fair value of these stock options was determined to be trivial and no stock-based compensation was recorded in relation to these options. The vesting period for the Triera stock options issued was as follows: 1,667 on June 1, 2024; 1,667 on June 1, 2025; and 1,666 on June 1, 2026.

During the year ended March 31, 2024, the Company issued 1,250,000 stock options to a number of consultants, employees and directors at exercise prices ranging from $1.75 to $2.24. The grant date fair value of these stock options was $1,545,175. The vesting period for the stock options issued was as follows: 416,667 at the date of issuance; 350,000 after 6 months from the date of issuance; 416,667 after 12 months from the date of issuance; and 66,667 after 24 months from the date of issuance.

In addition, during the year ended March 31, 2024, the Company's subsidiary, Triera Biosciences Ltd. ("Triera"), issued 195,000 stock options to a number of directors and officers at an exercise price of $5.00. The grant date fair value of these stock options was determined to be trivial and no stock-based compensation was recorded in relation to these options. The vesting period for the Triera stock options issued was as follows: 65,000 at the date of issuance; 65,000 after 6 months from the date of issuance; and 65,000 after 12 months from the date of issuance. In February 2024, the Company repriced the Triera stock options, reducing the exercise price from $5.00 per share to $1.00 per share. All other terms and conditions of these options remained unchanged.

The grant date fair value of the stock options was calculated using the Black-Scholes option pricing model. A summary of the inputs used to value the options issued during the years ended March 31 is presented below:

  Triera The Company
  Mar 31, 2025 Mar 31, 2024 Mar 31, 2025 Mar 31, 2024
Expected dividend yield 0% 0% 0% 0%
Expected volatility 98% to 120% 98% to 120% 62% to 77% 70% to 90%
Expected forfeiture rate 0% 0% 7% 5%
Risk-free interest rate 4.50% 3.90% 4.0% to 4.5% 3.6% to 4.5%
Expected life 3 years 3 to 5 years 3 to 5 years 3 to 5 years

The Company's computation of expected volatility for the years ended March 31, 2025 and 2024 is based on the Company's market close price over a prior period equal to the expected life of the options except for the volatility of the Triera options which is based on a comparable publicly traded company.

The Company applies the fair value method of accounting for share-based payment awards to directors, officers, employees and non-employees. Accordingly, the following amounts have been recognised as compensation expense and under capital stock as share-based payment reserve:

    Year     Year  
    Ended     Ended  
    March 31,     March 31,  
    2025     2024  
    $     $  
Share-based compensation expense   1,529,934     1,786,453  

Stock option and share-based payment activity of the Company for the years ended March 31, 2025 and March 31, 2024 are summarised as follows:

    Year ended     Year ended  
    March 31, 2025     March 31, 2024  
          Weighted           Weighted  
          average           average  
    Number     exercise price     Number     exercise price  
          $           $  
                         
Balance, beginning of year   7,098,334     2.37     8,673,334     2.03  
Granted   2,000,000     1.52     1,250,000     2.03  
Exercised   (1,700,000 )   0.45     (2,000,000 )   0.54  
Expired   (1,275,000 )   3.84     (825,000 )   2.72  
Balance, end of year   6,123,334     2.32     7,098,334     2.37  

At March 31, 2025, outstanding options to acquire common shares of the Company were as follows:

    Options Outstanding     Options Exercisable  
          Weighted     Weighted           Weighted  
    Number     Average     Average     Number     Average  
    Outstanding     Remaining     Exercise     Outstanding     Exercise  
Range of exercise Prices   as at Mar 31,     Contractual     Price     as at Mar 31,     Price  
CAD$   2025     Life (years)     CAD$     2025     CAD$  
$0.40 - $1.00   633,334     0.28   $ 0.55     633,334   $ 0.55  
$1.01 - $4.00   4,465,000     2.75   $ 2.12     3,135,416   $ 2.37  
$4.01 - $5.67   1,025,000     1.79   $ 4.27     1,025,000   $ 4.27  
Totals   6,123,334     2.33   $ 2.32     4,793,750   $ 2.54  

 

At March 31, 2024, outstanding options to acquire common shares of the Company were as follows:

    Options Outstanding     Options Exercisable  
          Weighted     Weighted           Weighted  
    Number     Average     Average     Number     Average  
    Outstanding     Remaining     Exercise     Outstanding     Exercise  
Range of exercise Prices   as at Mar 31,     Contractual     Price     as at Mar 31,     Price  
CAD$   2024     Life (years)     CAD$     2024     CAD$  
$0.40 - $1.00   2,333,334     0.79   $ 0.48     2,333,334   $ 0.48  
$1.01 - $4.00   3,025,000     2.52   $ 2.63     2,316,667   $ 2.81  
$4.01 - $5.67   1,740,000     2.04   $ 4.46     1,740,000   $ 4.46  
Totals   7,098,334     1.84   $ 2.37     6,390,001   $ 2.41  

Stock option and share-based payment activity of the Company's subsidiary, Triera, for the years ended March 31, 2025 and March 31, 2024 are summarised as follows:

    Year ended     Year ended  
    March 31, 2025     March 31, 2024  
          Weighted           Weighted  
          average           average  
    Number     exercise price     Number     exercise price  
          $           $  
Balance, beginning of year   195,000     1.00     -     -  
Granted   5,000     1.00     195,000     1.00  
Exercised   -     -     -     -  
Expired   (10,000 )   1.00     -     -  
Balance, end of year   190,000     1.00     195,000     1.00  

At March 31, 2025, outstanding options to acquire common shares of the Company's subsidiary, Triera, were as follows:

    Options Outstanding     Options Exercisable  
          Weighted     Weighted           Weighted  
    Number     Average     Average     Number     Average  
    Outstanding     Remaining     Exercise     Outstanding     Exercise  
Range of exercise Prices   as at Mar 31,     Contractual     Price     as at Mar 31,     Price  
CAD$   2025     Life (years)     CAD$     2025     CAD$  
$0.00 - $1.00   200,000     3.22   $ 1.00     196,666   $ 1.00  

 

At March 31, 2024, outstanding options to acquire common shares of the Company's subsidiary, Triera, were as follows:

    Options Outstanding     Options Exercisable  
          Weighted     Weighted           Weighted  
    Number     Average     Average     Number     Average  
    Outstanding     Remaining     Exercise     Outstanding     Exercise  
Range of exercise Prices   as at Mar 31,     Contractual     Price     as at Mar 31,     Price  
CAD$   2024     Life (years)     CAD$     2024     CAD$  
$0.00 - $1.00   195,000     4.25   $ 1.00     65,000   $ 1.00