| Common Shares and Warrants [Text Block] |
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11.
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Common Shares and Warrants
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Fiscal 2018 Activity
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On September 22, 2017, the Company received $93,750
from the exercise of warrants previously granted. The warrants were exercised at the price of $0.15, for a total of
625,000
common shares being issued.
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On October 27, 2017 the Company extended the expiration date of warrants originally issued on January 9, 2017, with a one-year expiration date. The warrant quantity and exercise price remain unchanged,
500,000
warrants exercisable at $0.44, will now expire on January 9, 2019.
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On November 9, 2017, the Company received $69,736
from the exercise of
364,250
warrants at prices of $0.14, $0.42, and $0.60
; and
55,000
options were exercised at the price of $0.2273
for proceeds of $12,501
; for a total of
419,250
common shares being issued. The Company also issued
875
compensation warrants with an exercise price of $0.60
expiring April 3, 2019. These compensation warrants were valued at $347
and recorded as a share issue cost and within additional paid in capital for a net effect of $Nil.
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On November 22, 2017, the Company received $118,915
from the exercise of warrants and compensation warrants previously granted. The compensation warrant was exercised at the price of $0.42. The warrants were exercised at prices of $0.14, $0.273, and $0.60, for a total of
415,187
common shares being issued. The Company also issued
20,156
compensation warrants with an exercise price of $0.60
expiring April 3, 2019. These compensation warrants were valued at $7,990
and recorded as a share issue cost and within additional paid in capital for a net effect of $Nil.
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A continuity schedule for warrants is presented below:
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Weighted Average |
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Number of |
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Exercise Price |
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Warrants |
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$ |
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Balance, August 31, 2016 |
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12,136,241
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0.18
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Cancelled/Expired |
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(1,004,150
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) |
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0.22
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Exercised |
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(10,322,025
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) |
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0.23
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Issued |
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8,034,440
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0.36
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Balance, August 31, 2017 |
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8,844,506
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0.29
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Exercised |
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(1,404,437
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) |
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0.19
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Issued |
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21,031
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0.60
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Balance, November 30, 2017 |
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7,461,100
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0.30
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The fair value of warrants granted as compensation warrants was estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
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November 30 |
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2017 |
| Expected volatility |
100% –
101%
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| Risk-free interest rate |
1.21%
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| Expected life |
1.36
–
2.00
years
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| Dividend yield |
0.00%
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| Estimated fair value per warrant |
$0.40
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A summary of warrants outstanding as of November 30, 2017 is presented below:
| # of Warrants |
Weighted |
Weighted |
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Average |
Average |
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Remaining |
Exercise Price |
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Contractual Life |
$ |
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180,400
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0.03
years
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0.27
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450,000
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0.70
years
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0.14
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500,000
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0.70
years
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0.44
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2,650,666
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0.75
years
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0.14
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500,000
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1.11
years
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0.23
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1,984,796
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1.34
years
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0.60
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245,238
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1.34
years
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0.42
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200,000
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1.55
years
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0.29
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750,000
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3.86
years
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0.14
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7,461,100
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1.26
years
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0.30
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