Share Capital

9 Months Ended

Jan. 31, 2024

Disclosure of classes of share capital [abstract]

Authorized:

Unlimited common shares without par value.

Share capital transactions:

2023 Transactions

During the year ended April 30, 2023, the Company issued 263,537 common shares pursuant to the exercise of stock options for total gross proceeds of $0.7 million. A value of $0.8 million was transferred from contributed surplus to share capital as a result.

During the year ended April 30, 2023, the Company issued 309,877 common shares with a value of $1.3 million pursuant to the conversion of $1.3 million principal balance of convertible debentures.

2024 Transactions

During the nine months ended January 31, 2024, the Company issued 1,265,000 common shares in an underwritten public offering, including 165,000 common shares issued pursuant to the full exercise by the underwriter of its over-allotment option. The public offering price for each common share, before the underwriter's discount and commissions, was U.S.$1.00.

Options

The following table summarizes stock option awards during the nine months ended January 31, 2024 and the year ended April 30, 2023, including the grant date fair value determined using the Black-Scholes option pricing model:


						Black-Scholes Option Pricing Model Inputs
Grant date	Stock options granted		Exercisable price/option $		Awarded to	Share price on grant date $	Dividend yield			Expected volatility			Risk-free rate			Expected life	Fair value
May 15, 2022(1)		80,000		5.79	Employees	5.79		0	%		77	%		2.73	%	5.0 years	$0.3 million
February 19, 2023(2)		29,060	4.10(5)		Directors	4.10(5)		0	%		77	%		3.57	%	4.0 years	$0.1 million
February 19, 2023(1)		609,452	4.10(5)		Officers and employees	4.10(5)		0	%		77	%		3.57	%	5.0 years	$2.2 million
January 19, 2024(3)		160,000	1.48(5)		Directors	1.48(5)		0	%		77	%		3.64	%	5.0 years	$0.2 million
January 19, 2024(4)		80,000	1.48(5)		Directors	1.48(5)		0	%		77	%		3.64	%	5.0 years	$0.1 million

(1)

Vesting conditions are as follows: one-third 6 months after grant date; one-third 12 months after grant date; and one-third 18 months after grant date.

(2)

Vesting conditions are as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date; and one-quarter 12 months after grant date.

(3)

Vesting conditions are as follows: one-thirty-sixth each month after grant date.

(4)

Vesting conditions are as follows: all vest 10 months after grant date.

(5)

Priced in US dollars

Expected volatility of options granted is based on the historical volatility of the Company from January 1, 2019 to the option grant date.

During the nine months ended January 31, 2024 the Company has recorded $1.3 million (2023 - $1.3 million) of share-based payments expense.

The changes in the stock options for the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows:


	Number of options #			Weighted average exercise price $		Weighted average life remaining (years)
Balance, April 30, 2022 (outstanding)		1,624,150			7.93		3.11
Granted		718,512			7.98		—
Exercised		(318,725	)		3.26		—
Expired		(115,174	)		10.75		—
Forfeited		(24,335	)		20.30		—
Balance, April 30, 2023 (outstanding)		1,884,428			8.29		2.88
Granted		240,000			1.98		—
Expired		(396,332	)		6.95		—
Forfeited		(105,566	)		4.15		—
Balance, January 31, 2024 (outstanding)		1,622,530			7.52		3.22
Unvested		(537,444	)		4.10		4.41
Exercisable, January 31, 2024		1,085,086			9.21		2.63

Details of the options outstanding as of January 31, 2024 are as follows:


Expiry Date	Exercise price $		Remaining life (year)		Options outstanding		Unvested		Vested
September 1, 2025		8.50		1.59		250,000		—		250,000
January 6, 2026		20.30		1.93		168,000		—		168,000
May 9, 2026(1)		10.32		2.27		10,000		3,333		6,667
January 2, 2026		6.89		1.92		28,250		—		28,250
January 7, 2027		7.94		2.94		276,000		—		276,000
January 13, 2027		8.30		2.95		31,000		—		31,000
February 22, 2024		6.35		0.06		25,000		—		25,000
May 15, 2027		5.79		3.29		80,000		—		80,000
February 19, 2027(2)		5.48		3.05		18,161		—		18,161
February 19, 2028(2)		5.48		4.05		496,119		316,968		179,151
January 19, 2029(3)		1.98		4.97		240,000		217,143		22,857
		7.52		3.22		1,622,530		537,444		1,085,086

(1)

Exercise price of US $7.72. The figure in the table above is translated at the January 31, 2024 rate.

(2)

Exercise price of US $4.10. The figure in the table above is translated at the January 31, 2024 rate.

(3)

Exercise price of US $1.48. The figure in the table above is translated at the January 31, 2024 rate.

Finder’s Warrants

Details of the finder’s warrants outstanding as of January 31, 2024 are as follows:


Expiry Date	Exercise price $		Remaining life (year)		Warrants outstanding
February 3, 2026(1)		22.53		2.01		130,111
December 8, 2028(2)		1.34		4.86		56,650

(1)

Exercise price of US $16.81. The figure in the table above is translated at the January 31, 2024 rate.

(2)

Exercise price of US $1.00. The figure in the table above is translated at the January 31, 2024 rate.