| Stock Options |
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13.
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Stock Options |
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The Company has established the 2014 Stock Option Plan whereby the board of directors may, from time to time, grant up to 62,917 stock options to directors, officers, employees, and consultants; and the 2019 Equity Incentive Plan whereby the board of directors may, from time to time, grant up to 261,290 stock options to directors, officers, employees, and consultants. Stock options granted must be exercised no later than five years from the date of grant or such lesser period as determined by the Company's board of directors. The exercise price of an option is equal to or greater than the closing market price of the Company's common shares on the day preceding the date of grant. The vesting terms of each grant are set by the board of directors.
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The Company granted the following options during the quarter ended February 28, 2021:
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Quantity
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Exercise Price $
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Life (Years)
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3,400
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4.80 |
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5
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A continuity schedule for stock options is presented below:
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Options
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Weighted Average Exercise Price $
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Weighted Average Remaining Contractual Term (Years)
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Aggregate Intrinsic Value $
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Balance August 31, 2019
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166,767 |
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21.30 |
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Cancelled/expired
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(149,437 |
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29.51 |
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Exercised
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(7,333 |
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4.09 |
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Granted
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161,600 |
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11.66 |
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Balance August 31, 2020
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171,604 |
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11.17 |
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Cancelled
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(2,000 |
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12.90 |
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Granted
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3,400 |
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4.80 |
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Balance February 28, 2021 (Outstanding)
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173,004 |
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11.03 |
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3.82 |
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30,812 |
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Balance February 28, 2021 (Exercisable)
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164,970 |
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10.30 |
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3.86 |
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41,550 |
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The fair value of share purchase options granted were estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
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February 28
2021
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Expected volatility
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134 |
% |
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Risk-free interest rate
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0.42 |
% |
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Expected life
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5 years
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Dividend yield
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0 |
% |
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Estimated fair value per option
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$ |
4.00 |
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