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Share based payments | 12 Months Ended
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Dec. 31, 2022
Share based payments |
Share based payments | 16.Share based payments Long-term incentive plan The Company adopted a long-term incentive plan on December 2, 2021 (the “Plan”) whereby it can grant stock options, restricted share units (“RSUs”), Deferred Share Units (“DSUs”), and Performance Share Units (“PSUs”) to directors, officers, employees, and consultants of the Company. Stock options generally vest in equal tranches over three years. The grant date fair value is determined using the Black-Scholes Option Pricing Model and this value is recognized as an expense over the vesting period. DSUs vest immediately but cannot be exercised until the holder ceases to be a Director or Officer of Electra. DSUs are valued based on the market price of the Company’s common shares on the grant date, with the full value expensed immediately. PSUs generally vest over an 18–24-month period if certain performance metrics have been achieved. They are valued based on the market price of the Company’s shares on the grant date and this value is expensed over the vesting period. RSUs generally vest over a 24–36-month period. They are valued based on the market price of the Company’s shares on the grant date and this value is expensed over the vesting period. The maximum number of shares that may be reserved for issuance under the Plan is limited to 2,333,333 shares. (a)Stock Options The changes in incentive stock options outstanding are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Number of shares
​ | ​ | ​ | Exercise | ​ | issued or issuable
​ |  |  | price |  | on exercise
Balance December 31, 2020 | ​ | $ | 5.940 |  | 844,630
Grant | ​ | $ | 7.290 |  | 5,556
Exercised | ​ | $ | 2.520 |  | (58,889)
Grant | ​ | $ | 6.210 |  | 31,944
Grant | ​ | $ | 6.300 |  | 13,889
Expiries | ​ | $ | 2.880 |  | (2,778)
Balance December 31, 2021 | ​ | $ | 5.940 |  | 834,352
Grant | ​ | $ | 5.400 |  | 222,274
Cancelled | ​ | $ | 6.300 |  | (13,889)
Expiries | ​ | $ | 11.880 |  | (83,333)
Exercised | ​ | $ | 2.520 |  | (35,184)
Exercised | ​ | $ | 2.520 |  | (20,370)
Grant | ​ | $ | 5.760 |  | 19,444
Grant | ​ | $ | 4.630 |  | 19,444
Grant | ​ | $ | 4.900 |  | 40,000
Grant | ​ | $ | 4.380 |  | 30,000
Expiries | ​ | $ | 12.420 |  | (66,667)
Expiries | ​ | $ | 2.520 |  | (9,259)
Expiries | ​ | $ | 2.520 |  | (20,370)
Expiries | ​ | $ | 5.400 |  | (32,258)
Grant | ​ | $ | 3.210 |  | 130,000
Expiries | ​ | $ | 4.860 |  | (22,223)
Balance December 31, 2022 | ​ | $ | 4.947 |  | 991,960
​ During the year ended December 31, 2022:
| ● | The Company granted 461,162 stock options to employees under its long-term incentive plan. The options may be exercised within 5 years from the date of the grant at a price range of $3.21 to $5.76 per share. The fair value of the options at the date of the grant was $1,049 using the Black-Scholes Option Pricing Model, assuming a risk-free rate of 1.24% to 4.06% per year, an expected life of 2.5 to 4.87 years, an expected volatility in the range of 68.53% to 70.40%, no expected dividends and a share price range of $3.21 to $5.85.
During the year ended December 31, 2021:
| ● | The Company granted 51,389 stock options to new employees under its long-term incentive plan. The options may be exercised within 5 years from the date of the grant at a price range of $6.21 to $7.29 per share. The fair value of the options at the date of the grant was $164 using the Black-Scholes Option Pricing Model, assuming a risk-free rate of 0.20% to 0.92% per year, an expected life of 2.5 years, an expected volatility in the range of 69.72% to 83.57%, no expected dividends and a share price range of $6.12 to $7.83.
Incentive stock options outstanding and exercisable (vested) at December 31, 2022 are summarized as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options Outstanding | ​ | Options Exercisable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ |  | Weighted |  | Weighted |  | ​ |  | ​ | ​
​ | ​ | ​ | Number of | ​ | Average | ​ | Average | ​ | Number of | ​ | Weighted
​ | ​ | ​ | Shares Issuable | ​ | Remaining Life | ​ | Exercise | ​ | Shares Issuable | ​ | Average
Exercise Price | ​ | on Exercise | ​ | (Years) | ​ | Price | ​ | on Exercise | ​ | Exercise Price
$ | 2.52 |  | 174,259 |  | 1.68 | ​ | $ | 2.52 |  | 143,704 | ​ | $ | 1.68
​ | 2.61 |  | 27,778 |  | 2.66 | ​ |  | 2.61 |  | 27,778 | ​ |  | 2.66
​ | 2.88 |  | 16,667 |  | 1.75 | ​ |  | 2.88 |  | 16,667 | ​ |  | 1.75
​ | 3.21 |  | 130,000 |  | 4.87 | ​ |  | 3.21 |  | — | ​ |  | 4.87
​ | 3.24 |  | 55,556 |  | 1.14 | ​ |  | 3.24 |  | 55,556 | ​ |  | 1.14
​ | 4.38 |  | 30,000 |  | 4.48 | ​ |  | 4.38 |  | — | ​ |  | 4.48
​ | 4.63 |  | 19,444 |  | 4.40 | ​ |  | 4.63 |  | — | ​ |  | 4.40
​ | 4.90 |  | 40,000 |  | 4.44 | ​ |  | 4.90 |  | — | ​ |  | 4.44
​ | 5.40 |  | 190,016 |  | 4.05 | ​ |  | 5.40 |  | — | ​ |  | 4.05
​ | 5.76 |  | 19,444 |  | 4.25 | ​ |  | 5.76 |  | — | ​ |  | 4.25
​ | 6.21 |  | 31,944 |  | 3.29 | ​ |  | 6.21 |  | 10,648 | ​ |  | 3.29
​ | 6.48 |  | 116,667 |  | 2.74 | ​ |  | 6.48 |  | 116,667 | ​ |  | 2.74
​ | 7.29 |  | 5,556 |  | 2.13 | ​ |  | 7.29 |  | 2,778 | ​ |  | 2.13
​ | 8.82 |  | 109,630 |  | 0.48 | ​ |  | 8.82 |  | 109,630 | ​ |  | 0.48
​ | 9.32 |  | 25,000 |  | 0.08 | ​ |  | 9.32 |  | 25,000 | ​ |  | 0.08
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 991,960 |  | 2.86 | ​ | $ | 4.95 |  | 508,426 | ​ | $ | 1.62
​ During the year ended December 31, 2022, the Company has expensed $505 (December 31, 2021 - $212) for options valued at share prices $2.52 to $9.32, as shared-based payment expense. (b)DSUs, RSUs and PSUs Restricted Share Units The Company’s RSU plan transactions during the years ended December 31, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​
Number of Units |  | 2022 |  | 2021
Balance, January 1 |  | 63,711 |  | 72,222
Granted |  | 50,890 |  | 16,025
Exercised |  | (29,108) |  | (23,147)
Expired |  | (7,204) |  | (1,389)
Balance, December 31 |  | 78,289 |  | 63,711
​ Performance Share Units The Company’s PSU plan transactions during the years ended December 31, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​
Number of Units |  | 2022 |  | 2021
Balance, January 1 |  | 87,500 |  | —
Granted |  | 18,057 |  | 87,500
Exercised |  | (28,474) |  | —
Expired |  | (13,194) |  | —
Balance, December 31 |  | 63,889 |  | 87,500
​ Deferred Shares Units The Company’s DSU plan transactions during the years ended December 31, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​
Number of Units |  | 2022 |  | 2021
Balance, January 1 |  | 176,331 |  | 173,361
Granted |  | 71,474 |  | 15,817
Exercised |  | (12,493) |  | (12,847)
Balance, December 31 |  | 235,312 |  | 176,331
​ During the year ended December 31, 2022, the Company has expensed $189 (December 31, 2021 - $103) for DSUs, $291 (December 31, 2021 - $285) for PSUs, and $297 (December 31, 2021 - $131) for RSUs as shared-based payment expense. Warrants Details regarding warrants issued and outstanding are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
Canadian denominated warrants | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted | ​ | ​
​ | ​ | average | ​ | Number of shares issued
​ | ​ | exercise price | ​ | or issuable on exercise
Balance - December 31, 2020 | ​ | $ | 3.96 | ​ | 1,885,195
Issuance of warrants | ​ | $ | 9.00 | ​ | 875,917
Issuance of warrants | ​ | $ | 5.58 | ​ | 105,110
Exercised warrants | ​ | $ | 4.86 | ​ | (308,230)
Exercised warrants | ​ | $ | 3.78 | ​ | (818,971)
Exercised warrants | ​ | $ | 3.78 | ​ | (442,014)
Warrant expiries | ​ | $ | 1.08 | ​ | (11,111)
Warrant expiries | ​ | $ | 4.86 | ​ | (11,111)
Balance - December 31, 2021 | ​ | $ | 7.53 |  | 1,274,785
Exercised warrants | ​ | $ | 3.78 |  | (210,545)
Expired warrants | ​ | $ | 3.78 |  | (83,213)
Balance - December 31, 2022 | ​ | $ | 8.66 |  | 981,027
​ United States Dollar denominated warrants
​ | ​ | ​ | ​ | ​ | ​
​ |  | Weighted |  | ​
​ | ​ | average | ​ | Number of shares issued or
​ | ​ | exercise price | ​ | issuable on exercise
Balance – December 31, 2021 | ​ | $ | 0.00 |  | —
Issuance of warrants | ​ | US$ | 3.10 |  | 2,483,150
Balance - December 31, 2022 | ​ | ​ | ​ |  | 2,483,150
Total warrants | ​ |  | ​ |  |
Balance - December 31, 2021 | ​ | ​ | ​ | ​ | 1,274,785
Balance - December 31, 2022 | ​ | ​ | ​ |  | 3,464,177
​ The expiry of warrants are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Number of warrants |  | Weighted Average
Grant Date | ​ | Expiry Date | ​ | outstanding | ​ | Exercise Price
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
January 22, 2021 | ​ | ​ | January 22, 2023 |  | ​ | 875,917 | ​ | $ | 9.00
January 22, 2021 | ​ | ​ | January 22, 2023 |  | ​ | 105,110 | ​ |  | 5.58
United States Dollar denominated warrants | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
November 15, 2022 | ​ | ​ | November 15, 2025 |  | ​ | 2,483,150 | ​ | US$ | 3.10
​ | ​ |  | ​ | ​ | ​ | 3,464,177 | ​ | $ | 8.63 – US$3.10
​ During the year ended December 31, 2022, 210,545 warrants of the Company were exercised for gross proceeds of $807. The Company issued a total of 2,483,150 share purchase warrants in conjunction with its November 2022 best-efforts, overnight-marketed offering. During the year ended December 31, 2022, a total of 83,213 warrants expired. On November 15, 2022, 2,345,000 warrants were issued to subscribers in the Company’s best-efforts, overnight-marketed offering. As Warrants issued are denominated in foreign currency that is different from the Company’s functional currency, the warrants are determined to be financial derivative liabilities and the total fair value of US$2,087 was recorded as such. The fair value of the warrants was estimated using the Monte Carlo Simulation Model assuming a risk-free interest rate of 4.172%, an expected volatility of 62.89%, share price of US$2.35, strike price of US$3.10. As part of the November 15, 2022 Offering, 138,150 Broker Warrants Units (consisting of one common share and one warrant) were issued as transaction costs. The Broker Warrants are equity-settled and was issued for services received; hence the Company has recorded US$325 in reserve, which was measured at fair value of services received. During the year ended December 31, 2021, 1,569,215 warrants of the Company were exercised for gross proceeds of $6,217. The Company issued a total of 981,027 share purchase warrants in conjunction with its January 2021 bought deal financing. During the year ended December 31, 2021, a total of 22,222 warrants expired. On January 22, 2021, 875,917 warrants were issued to subscribers in the Company’s bought deal financing. 105,110 warrants were issued as broker warrants associated with the bought deal financing. The total fair value of $1,667 was recorded in reserves. The fair value of the warrants was estimated using the Black-Scholes Option Pricing Model assuming a risk-free interest rate of 0.17%, an expected life of 2 years, an expected volatility of 77.10%, no expected dividends, and a share price of $0.315.

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