Annual report pursuant to Section 13 and 15(d)

Common Shares and Warrants

v3.23.3
Common Shares and Warrants
 12 Months Ended
Aug. 31, 2023
Common Shares and Warrants  
Common Shares and Warrants

14. Common Shares and Warrants

 

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 ; and

 

 

 

 

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.

 

Presented below is a continuity schedule for warrants: 

 

 

 

Number of

Warrants

 

 

Weighted Average Exercise Price $

 

Balance, Aug 31, 2021

 

 

 2,447,275

 

 

 

 8.00

 

Cancelled/expired

 

 

 (25,292 )

 

 

 4.57

 

Balance, Aug 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

 

 

Presented below is a summary of warrants outstanding as of August 31, 2023:

 

Number of

Warrants

 

 

Weighted Average

Exercise Price

 

Weighted Average Remaining

Contractual Life (years)

 

60,798

 

 

 $ 36.00

 

 

1.21-1.25

 

317,190

 

 

 $ 10.50

 

 

1.68-1.70

 

116,667

 

 

 $ 9.00

 

 

0.62-1.54

 

200,000

 

 

 $ 7.00

 

 

0.62

 

1,719,828

 

 

 $ 6.58

 

 

2.38

 

2,106,000

 

 

 $ 0.95

 

 

4.70

 

4,520,483

 

 

 $ 4.71

 

 

3.28

 

 

Fiscal 2022 Activity

 

During the year ended August 31, 2022, the Company issued 224,299 restricted shares valued at $1,200,000 for payment of contracted services. We did not issue any warrants, no warrants were exercised, and 25,292 warrants expired.