Share Capital (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Share Capital [Abstract] |
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| Summary of Weighted Average Inputs Used in the Measurement of Fair Values at the Amendment Date of the Share-Based Option Plan |
The weighted average inputs used in the measurement of fair values at the amendment date of the share-based option plan were as follows:
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May 29, 2019
before the
amendments
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May 29, 2019
after the
amendments
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CDN $0.01-$1.40 |
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CDN $1.06-$2.10 |
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CDN $3.47 |
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CDN $3.47 |
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CDN $12.90-$51.60 |
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CDN $4.54 |
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98.6%-99.4% |
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98.6%-99.4% |
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1.0-3.5 years |
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1.0-3.5 years |
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Nil |
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Nil |
Risk free interest rate (based on government bonds) |
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1.48%-1.57% |
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1.48%-1.57% |
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| Summary of Options Outstanding |
A summary of the status of the Company’s outstanding stock options as of September 30, 2019 and December 31, 2018 and changes during the periods ended on those dates is presented in the following table:
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Nine Months ended September 30, 2019 1
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Year ended December 31, 2018 1
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Stock Options – CDN $ denominated |
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Number of
Stock Options |
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|
Weighted average
Exercise Price
(CDN) |
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Number of
Stock Options |
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Weighted average
Exercise Price
(CDN) |
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875,433 |
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$ |
18.20 |
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591,609 |
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$ |
21.30 |
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35,719 |
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4.54 |
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322,517 |
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13.51 |
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(50,115 |
) |
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31.66 |
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(38,693 |
) |
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24.90 |
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861,037 |
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$ |
5.92 |
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875,433 |
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$ |
18.20 |
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Stock Options – US $ denominated |
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Number of
Stock Options |
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|
Weighted average
Exercise Price
(USD) |
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Number of
Stock Options |
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Weighted average
Exercise Price
(USD) |
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50,349 |
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$ |
1.55 |
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— |
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— |
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843,693 |
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2.72 |
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50,349 |
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$ |
1.55 |
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(40,000 |
) |
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3.72 |
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— |
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— |
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854,042 |
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$ |
2.65 |
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50,349 |
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$ |
1.55 |
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| 1. |
After giving consideration for 30:1 share consolidation effected June 2018. |
| 2. |
Certain options granted in the period ending September 30, 2019 will vest in accordance with vesting schedules and milestones over a period up to 4 years. |
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| Summary of Weighted-Average Remaining Contractual Life and Weighted-Average Exercise Price Options Outstanding and Options Exercisable on Exercise Prices |
The weighted-average remaining contractual life and weighted-average exercise price of options outstanding and of options exercisable as at September 30, 2019 are as follows:
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Canadian Dollar Denominated Options |
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Weighted-average remaining
contractual life (years) |
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| $
3.28 |
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31,498 |
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5.92 |
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31,498 |
| $
4.50 |
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18,936 |
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3.53 |
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18,936 |
| $
4.54 |
|
743,122 |
|
7.16 |
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349,909 |
| $
4.80 |
|
3,040 |
|
0.96 |
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3,040 |
| $
7.49 |
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5,590 |
|
5.77 |
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5,590 |
| $
9.00 |
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11,481 |
|
5.77 |
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11,481 |
| $
9.60 |
|
1,105 |
|
1.02 |
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1,105 |
| $11.70 |
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6,667 |
|
1.19 |
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6,667 |
| $12.00 |
|
1,948 |
|
1.18 |
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1,948 |
| $30.00 |
|
28,260 |
|
1.90 |
|
28,260 |
| $30.60 |
|
2,096 |
|
1.23 |
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2,096 |
| $32.40 |
|
810 |
|
1.33 |
|
810 |
| $41.70 |
|
658 |
|
0.21 |
|
658 |
| $45.30 |
|
560 |
|
0.87 |
|
560 |
| $51.60 |
|
5,266 |
|
0.69 |
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5,268 |
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861,037 |
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4.37 |
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467,826 |
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US Dollar Denominated Options |
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Weighted-average remaining
contractual life (years) |
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| $1.55 |
|
50,349 |
|
2.22 |
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50,349 |
| $2.20 |
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469,420 |
|
6.79 |
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2,165 |
| $3.40 |
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294,273 |
|
6.62 |
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197,273 |
| $3.72 |
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40,000 |
|
2.95 |
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— |
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854,042 |
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6.28 |
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249,787 |
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Total |
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1,715,079 |
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5.32 |
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717,613 |
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| Summary of Options are Granted to Directors, Officers, Employees and Consultants |
Options are granted to Directors, Officers, Employees and Consultants at various times. Options are to be settled by physical delivery of shares. Options and the terms of each issue over the nine months ended September 30, 2019 are outlined below.
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Number of
Options |
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Contractual Life
of Options |
February 14, 2019, options granted to a Consultant |
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40,000 |
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Options may vest over a 15-month vesting schedule |
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3 years |
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May 29, 2019, options granted to a Director |
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253,000 |
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Options vest over a specified vesting period not exceeding 4 years |
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7 years |
| |
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June 28, 2019, options granted to an Employee |
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10,000 |
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Options vest as to 1/3 of the total number of Options granted, every year from Option Date |
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7 years |
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July 18, 2019, options granted to a Director |
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25,719 |
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7 years |
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July 19, 2019, options granted to a Director |
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41,273 |
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7 years |
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July 19, 2019, options granted to an employee |
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467,255 |
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Options vest as to 1/4 of the total number of Options granted, every year from Option Date |
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7 years |
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July 19, 2019, options granted to a Consultant |
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2,165 |
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3 years |
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September 9, 2019, options granted to a Consultant |
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40,000 |
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Options may vest over an 18-month vesting schedule based on success factors |
|
3 years |
|
| Summary of Inputs Used in Measurement of Fair Values at Grant Date of Share Based Option Plan |
The weighted average inputs used in the measurement of fair values at grant date of the share-based option plan were as follows:
|
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| |
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CDN $5.99 |
|
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USD $2.39
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CDN $10.79 |
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USD $2.79
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CDN $11.97 |
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years |
|
3 years |
Risk free interest rate (based on government bonds) |
|
1.50% |
|
1.90% |
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98.02% |
|
90.12% |
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Nil |
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Nil |
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