Quarterly report pursuant to Section 13 or 15(d)

Common Shares and Warrants

v3.20.1
Common Shares and Warrants
6 Months Ended
Feb. 29, 2020
Equity [Abstract]  
Common Shares and Warrants

12.        Common Shares and Warrants

 

During the quarter ended February 29, 2020 the Company issued 110,000 shares on the exercise of previously granted stock options for a total value of $11,000.

 

A year to date summary of share issuances is presented below:

 

Type of Issuance

   

Number of

     

Total

 
     

Shares

     

Value $

 

Option exercise

   

110,000

     

11,000

 

Private placement(1)

 

 

1,823,745

 

 

 

820,685

 

 

 

 

1,933,745

 

 

$ 831,685

 

(1) Fees of $4,665 were paid for net receipt of $816,020

 

A continuity schedule for warrants is presented below:

 

 

 

Number of

Warrants

 

 

Weighted Average Exercise

Price $

 

Balance, August 31, 2018

 

 

3,286,274

 

 

 

0.72

 

Cancelled/Expired

 

 

(17,498 )

 

 

0.59

 

Exercised

 

 

(1,626,513 )

 

 

0.49

 

Issued

 

 

1,183,062

 

 

 

1.99

 

Balance, August 31, 2019

 

 

2,825,325

 

 

 

1.38

 

Cancelled/expired

   

(750,000

)    

1.50

 

Issued

 

 

2,057,495

 

 

 

0.80

 

Balance February 29, 2020

 

 

4,132,820

 

 

 

1.07

 

 

The fair value of share purchase warrants granted was estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:

 

 

 

February 29

2020

 

Expected volatility

 

 

91%

 

Risk-free interest rate

 

 

2.87%

 

Expected life

 

 

2 years

 

Dividend yield

 

 

0.00%

 

Estimated fair value per warrant

 

 

$0.28 - $0.43

 

 

A summary of warrants outstanding as of February 29, 2020 is presented below:

 

# of Warrants

 

 

Weighted Average Remaining Contractual Life

 

Weighted Average Exercise Price $

 

975,325

 

 

0.67 years

 

 

2.25

 

100,000

 

 

1.23 years

 

 

0.96

 

250,000

 

 

1.24 years

 

 

1.55

 

750,000

 

 

1.60 years

 

 

0.14

 

225,000

 

 

2.68 years

 

 

0.80

 

1,562,995     1.71 years     0.80  
269,500     1.75 years     0.80  

4,132,820

 

 

1.46 years

 

 

1.07