Common Shares and Warrants |
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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:
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