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 |
|