| Common Shares and Warrants [Text Block] |
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10.
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Common Shares and Warrants
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On September 16, 2015, the Company’s Board appointed Ted McKechnie as a Director of the Company. Mr. McKechnie was issued
100,000
common shares of the Company at $0.19
per share.
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On November 24, 2015, the Board of directors approved a forward stock split of our authorized and issued and outstanding shares of common stock on a basis of
1
old share of common stock for
1.1
new shares of common stock. Upon effect of the forward stock split our authorized capital increased to
220,000,000
shares of common stock, par value $0.001
and our issued and outstanding shares increased from
39,952,984
to
43,948,282
shares of common stock, with a par value of $0.001.
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On December 10, 2015, Lexaria closed a private placement by issuing
500,000
units at a price of $0.18
per unit for gross proceeds of $90,000. Each unit consisted of one common share of the Company and one half transferable share purchase warrant. Each full warrant is exercisable into one further share at a price of $0.30
per share for a period of
24
months. A cash finders’ fee for $2,520
was paid to Leede Financial Markets Ltd.; and
14,000
broker warrants with an exercise price of $0.30
for a period of twenty four months were also issued to Leede Financial Markets Ltd.
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On December 14, 2015, Lexaria signed an investor relations contract with Radius Consulting Inc. for a fee of $2,500
and
50,000
common shares of Company at a price of $0.20
per share.
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On April 15, 2016, pursuant to the agreement with Mr. John Docherty (Note 15), the Company issued
210,000
common shares for services rendered as the President of the Company.
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On April 15, 2016, the Company closed a private placement of
750,000
units at a price of $0.08
per unit for gross proceeds of $60,000. Each unit consisted of one common share of the Company and one non-transferrable share purchase warrant, entitling the holder to purchase one additional common share in the capital of the Company for a period of
18
months at an exercise price of $0.15
per share. The Company also issued
8,750
broker warrants to Haywood Securities Ltd. The broker warrants have a term of
18
months and are each exercisable into one common share of the Company at a price of $0.15.
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As at May 31, 2016, Lexaria had
45,513,282
shares issued and outstanding and
6,911,050
warrants issued and outstanding.
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A continuity schedule for warrants is presented below:
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Weighted Average |
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Number of |
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Exercise Price |
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Warrants |
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$ |
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Balance, August 31, 2014 |
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12,954,713
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0.25
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Expired |
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(552,380
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0.40
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Issued |
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5,634,200
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0.25
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Balance, August 31, 2015 |
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18,036,533
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0.25
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Expired |
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(12,868,286
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0.24
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Dividend from forward split |
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693,653
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N/A |
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Issued |
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1,049,150
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0.18
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Balance, May 31, 2016 |
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6,911,050
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0.24
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A summary of warrants outstanding as of May 31, 2016 is presented below:
| # of Warrants |
Weighted |
Weighted |
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Average |
Average |
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Remaining |
Exercise Price |
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Contractual Life |
$ |
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5,500,000
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0.95
years
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0.23
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361,900
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0.95
years
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0.18
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758,750
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1.38
years
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0.15
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290,400
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1.53
years
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0.27
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6,911,050
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1.02
years
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0.24
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