Common Shares and Warrants
|9 Months Ended|
May 31, 2020
|Common Shares and Warrants||
12. Common Shares and Warrants
During the quarter ended May 31, 2020 the Company issued an aggregate of 8,866,211 units at $0.23, issued in two tranches for gross proceeds of $2,039,229. Each unit consists of one common share and one full warrant. The warrants are exercisable on issuance at an exercise price of $0.35 with 8,028,254 expiring May 6, 2025 and 837,957 on May 11, 2025. Pursuant to the agent agreement $151,623 and 649,123 broker warrants with an exercise price of $0.35 expiring May 6, 2025, were paid. The warrants were valued at $128,329 and were recorded as a share issue cost within additional paid in capital for a net effect of $Nil.
A year to date summary of share issuances is presented below:
(1) Total fees of $156,288 were paid for total net receipt of $2,703,626.
A continuity schedule for warrants is presented below:
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:
A summary of warrants outstanding as of May 31, 2020 is presented below:
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef