Common Shares and Warrants |
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Common Shares and Warrants |
12. Common Shares and Warrants
Fiscal 2020 Activity During the period ended November 30, 2019 the Company closed, pursuant to two tranches, a non-brokered private placement for an aggregate total of 1,823,745 Units priced at $0.45 each. Each Unit consists of one common share and one Share purchase warrant. Each warrant shall entitle the holder to acquire one common share of the Company for a period of two years at a price of $0.80 per Share until the first anniversary of issuance for a period of 12 months, and thereafter at a price of $1.20 for an additional 12 months until November 13, 2021 until the second anniversary of issuance. The Company paid $3,937.50 and issued 8,750 broker warrants. The broker warrants have a term of 24 months and are each exercisable into one common share of the Company at a price of $0.80 per Share until the first anniversary of issuance, and thereafter at a price of $1.20 until the second anniversary of issuance. The fair value of these broker warrants was determined to be $1,850, which were recorded as a share issuance cost within additional paid in capital for a net effect of $Nil.
During the period ended November 30, 2019 the Company recognized $70,752 in consulting expense for warrants granted to a consultant on vesting.
A summary of share issuance relating to option and warrant exercises, agreement requirements and debt settlement is presented below:
A continuity schedule for warrants is presented below:
The fair value of share purchase warrants granted as broker warrants, compensation units, and compensatory warrants, was estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
A summary of warrants outstanding as of November 30, 2019 is presented below:
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