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OPTIONS | 12 Months Ended
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Dec. 31, 2021
Options | 17. OPTIONS The Company has a stock option plan whereby it may grant options for the purchase of common shares to any director, consultant, employee or officer of the Company or its subsidiaries. The aggregate number of shares that may be issuable pursuant to options granted under the Company’s stock option plan will not exceed 10% of the common shares of the Company outstanding (the “Shares”) at the date of grant. The options are non-transferable and non-assignable and may be granted for a term not exceeding five years. The exercise price of the options will be determined by the Board of Directors of the Company at the time of grant, but if the Shares are traded on any stock exchange (the “Exchange”), the exercise price may not be less than the closing price of the Shares on the Exchange on the trading date immediately preceding the date of grant, subject to all applicable regulatory requirements. Stock option vesting terms are subject to the discretion of the Company’s Board of Directors. Information relating to share options outstanding and exercisable as at December 31, 2021, 2020 and 2019 is as follows:
|  | Year ended December 31, 2021 |
|  | Number of options |  |  | Weighted average exercise price |
|  | Thousands |  |  | $ |
Balance, March 13, 2019 |  |  | - |  |  |  | - |
Granted |  |  | 2,333 |  |  |  | 0.15 |
Balance, December 31, 2019 |  |  | 2,333 |  |  |  | 0.15 |
Granted |  |  | 1,700 |  |  |  | 2.25 |
Exercised |  |  | (200 | ) |  |  | 0.15 |
Expired |  |  | (39 | ) |  |  | 1.05 |
Balance, December 31, 2020 |  |  | 3,794 |  |  |  | 1.08 |
Granted |  |  | 2,304 |  |  |  | 2.88 |
Exercised |  |  | (650 | ) |  |  | 0.07 |
Balance, December 31, 2021 |  |  | 5,448 |  |  |  | 1.96 |
Date of expiry |  | Options outstanding |  |  | Options exercisable |  |  | Exercise price |  |  | Grant date fair value vested |  |  | Remaining life in years |
|  | Thousands |  |  | Thousands |  |  | $ |  |  | Thousands of Dollars |  |  |  |
June 28, 2024 |  |  | 1,461 |  |  |  | 1,461 |  |  | $ | 0.15 |  |  | $ | 54 |  |  |  | 2.5 |
April 23, 2025 |  |  | 117 |  |  |  | 117 |  |  |  | 2.25 |  |  |  | 344 |  |  |  | 3.3 |
July 6, 2025 |  |  | 317 |  |  |  | 317 |  |  |  | 2.25 |  |  |  | 252 |  |  |  | 3.5 |
July 31, 2025 |  |  | 17 |  |  |  | 17 |  |  |  | 2.25 |  |  |  | 23 |  |  |  | 3.6 |
September 8, 2025 |  |  | 66 |  |  |  | 66 |  |  |  | 2.25 |  |  |  | 92 |  |  |  | 3.7 |
November 4, 2025 |  |  | 666 |  |  |  | 666 |  |  |  | 2.25 |  |  |  | 918 |  |  |  | 3.8 |
December 23, 2025 |  |  | 500 |  |  |  | 500 |  |  |  | 2.25 |  |  |  | 689 |  |  |  | 4.0 |
June 3, 2026 |  |  | 241 |  |  |  | - |  |  |  | 3.87 |  |  |  | 400 |  |  |  | 4.4 |
June 10, 2026 |  |  | 167 |  |  |  | - |  |  |  | 3.68 |  |  |  | 265 |  |  |  | 4.4 |
September 21, 2026 |  |  | 16 |  |  |  | - |  |  |  | 5.20 |  |  |  | 21 |  |  |  | 4.7 |
September 25, 2026 |  |  | 240 |  |  |  | - |  |  |  | 6.90 |  |  |  | 411 |  |  |  | 4.7 |
December 16, 2026 |  |  | 1,640 |  |  |  | - |  |  |  | 2.04 |  |  |  | 243 |  |  |  | 5.0 |
|  |  | 5,448 |  |  |  | 3,144 |  |  | $ | 1.95 |  |  | $ | 3,712 |  |  |  | 3.9 |
The fair value of stock options issued during the years ended December 31, 2021, 2020 and 2019 was determined at the time of issuance using the Black-Scholes option pricing model with the following weighted average inputs, assumptions and results:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Risk-free annual interest rate |  |  | 1.12 | % |  |  | 0.40 | % |  |  | 1.39 | %
Current stock price |  | $ | 2.88 |  |  | $ | 1.92 |  |  | $ | 0.06 |
Expected annualized volatility |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Expected life (years) |  |  | 5 |  |  |  | 5 |  |  |  | 5 |
Expected annual dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Exercise price |  | $ | 2.88 |  |  | $ | 2.25 |  |  | $ | 0.15 |
The total expense related to the options granted in the year ended December 31, 2021 was $1.3 million (2020 - $2.3 million, 2019 - $0.1 million). The options issued in 2021 vest one year following the date of grant if the award holder is still employed or engaged by the Company. The options granted in 2020 and 2019 vested immediately at the time of grant. During the year ended December 31, 2020, 38,889 unexercised stock options expired following the termination of certain employees and were charged to deficit. No stock options expired or were forfeited in the years ended December 31, 2021 and 2019.

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