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Common Shares and Warrants | 12 Months Ended
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Aug. 31, 2024
Common Shares and Warrants |
Common Shares and Warrants | 12. Common Shares and Warrants Fiscal 2024 Activity During the year ended August 31, 2024, the Company entered into Securities Purchase Agreements whereby on February 16, 2024, the Company issued 1,444,741 shares of common stock and 113,702 pre-funded warrants in a registered direct offering. The Company also sold to investors, warrants to purchase up to 1,558,443 shares of common stock. The combined effective offering price for each share of common stock and accompanying warrant was $2.31. The warrants will expire five years from the issuance date, and have an exercise price of $2.185 per share. The Company also agreed to partially compensate the placement agent through the issuance of warrants to purchase up to 54,546 shares of common stock. Such warrants will expire five years from the issuance date, and have an exercise price of $2.8875 per share. The net proceeds to the Company from the registered direct offering was $3.0 million, after deducting placement agent fees and other offering expenses paid by the Company. As of August 31, 2024, 1,298,702 warrants had been exercised. In addition, all 113,702 pre-funded warrants had been exercised for gross proceeds of $11. During the year ended August 31, 2024, the Company also entered into a securities purchase agreement with a single healthcare-focused institutional investor to purchase 889,272 shares of common stock and 729,058 pre-funded warrants in a registered direct offering. In a concurrent private placement, the Company also sold to the investor, warrants to purchase up to 1,618,330 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant was $0.97 (to note the pre-funded warrants were issued at a price of $0.9699 and have an exercise price of $0.0001). The warrants will become exercisable six months from issuance, expire five and a half years from the issuance date, and have an exercise price of $0.97 per share. The net proceeds to the Company from the registered direct offering and concurrent private placement were $1.25 million, after deducting placement agent fees and other offering expenses payable by the Company. To date all of the pre-funded warrants have been exercised, resulting in the issuance by the Company of an aggregate 729,058 common shares for gross proceeds of $73. Further, all 1,618,330 warrants had been exercised by August 31, 2024. On April 30 2024, the Company entered into a Warrant Exercise Agreement with an existing accredited investor (the "Investor”) to exercise in full outstanding Common Stock Purchase Warrants (the "Exercise”) to purchase up to an aggregate of 2,917,032 shares of the Company’s common stock (the "Existing Warrant”) for gross proceeds of $4,407,444. Immediately upon full exercise of the Existing Warrant, the Investor received a new unregistered Common Stock Purchase Warrant to purchase up to an aggregate of 2,917,032 shares of the Company’s common stock (the "New Warrant”). The New Warrant was issued to the Investor for consideration of $0.125 per share for additional gross proceeds of $364,629. In addition, 102,097 warrants with an exercise price of $5.9375 were issued as part of a tail commission. Placement agent fees and other offering expenses in the amount of $209,796 were netted against the proceeds. During the fiscal year ended August 31, 2024, the Company had warrant exercises resulting in the following share issuances: 1,622,250 common shares pursuant to the exercise of warrants that were issued under our May 11, 2023, financing, at an exercise price of $0.95 per share for gross proceeds of $1,541,137; 1,618,330 common shares pursuant to the exercise of warrants that were issued under our October 3, 2023, financing, at an exercise price of $0.97 per share for gross proceeds of $1,569,780; 729,058 common shares pursuant to the exercise of pre-funded warrants that were issued under our October 3, 2023, financing, at an exercise price of $0.0001 per share for gross proceeds of $73 dollars; 1,298,702 common shares pursuant to the exercise of warrants that were issued under our February 16, 2024, financing, at an exercise price of $2.185 per share for gross proceeds of $2,837,664; and 113,702 common shares pursuant to the exercise of pre-funded warrants that were issued under our February 16, 2024, financing, at an exercise price of $0.0001 per share for gross proceeds of $11 dollars. During the year ended August 31, 2024, 300,000 warrants expired. Presented below is a continuity schedule for warrants:
|  | Number of Warrants |  |  | Weighted Average Exercise Price $ |
Balance, August 31, 2022 |  |  | 2,421,983 |  |  |  | 8.04 |
Cancelled/expired |  |  | (7,500 | ) |  |  | 24.00 |
Issued |  |  | 2,106,000 |  |  |  | 0.95 |
Balance, August 31, 2023 |  |  | 4,520,483 |  |  |  | 4.71 |
Issued |  |  | 7,093,208 |  |  |  | 2.76 |
Expired |  |  | (300,000 | ) |  |  | 7.67 |
Exercised |  |  | (5,382,042 | ) |  |  | 1.11 |
Balance, August 31, 2024 |  |  | 5,931,649 |  |  |  | 5.50 |
Presented below is a summary of warrants outstanding as of August 31, 2024:
Number of Warrants |  |  | Weighted Average Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life in Years |
60,798 |  |  |  | 36.00 |  |  | 0.20-0.24 |
317,190 |  |  |  | 10.50 |  |  | 0.68-0.69 |
16,667 |  |  |  | 9.00 |  |  |  | 0.54 |
1,719,828 |  |  |  | 6.58 |  |  |  | 1.38 |
483,750 |  |  |  | 0.95 |  |  |  | 3.70 |
314,287 |  |  |  | 2.31 |  |  |  | 4.47 |
2,917,032 |  |  |  | 4.75 |  |  |  | 4.47 |
102,097 |  |  |  | 5.94 |  |  |  | 4.47 |
5,931,649 |  |  |  | 5.50 |  |  |  | 3.25 |
Fiscal 2023 Activity During the year ended August 31, 2023, the Company completed the following issuances of common shares and warrants:
| 1. | 34,652 shares were sold pursuant to an at-the-market offering ("ATM”) for gross proceeds of $114,456. Offering costs netted against proceeds amounted to $125,122.
| 2 | 2,106,000 units were sold at a price of $0.95 per unit, with each unit consisting of one common share and one warrant exercisable to purchase an additional common share at $0.95 per share, for net proceeds of $1,600,397. The 2,106,000 warrants are exercisable for a period of five (5) years.
| No warrants have been exercised and 7,500 warrants expired during the year ended August 31, 2023.

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